I’m working on a macro economics discussion question and need the explanation and answer to help me learn.
Learning about what GDP means GDP means Gross Domestic Product it measures the total income of everyone in the economy. GDP measures the total expenditure on the economy output of goods and services. (principles of economics)Changes in GDP measure economic growth. Economic growth is the increase in the output of goods and services in an economy over a specific period of time. This must be done using Real GDP values Per Capita GDP is GDP/Population, Per Capita GDP is normal measure of Standard of Living. This is an average and tells us the amount of output that the economy produces per person (principles of economics)The quality-of-life article is about The Economist Intelligence Unit has developed a new “quality of life” index based on a unique methodology that links the results of subjective life-satisfaction surveys to the objective determinants of quality of life across countries. (quality of life index). The nine determinants of quality of life are Material well-being, Health, political stability and security, family life, community life, climate and geography, job security, political freedom, and gender equality.The Happiness index It’s an indexation of happiness based on survey results, that was first used in the 2012 World Happiness Report. In the survey, the respondents were asked to rate their happiness on a scale from 0 to 10. (tracking happiness) The Happiness Index is calculated by averaging the survey results of the respondents. Studies show that countries with the high GDP are happier. The numbers make sense because money enables development, growth, convenience, and a lot of other things that could very well lead to a higher level of happiness. (tracking happiness)
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