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ASSIGHNMENT NO# 1 DEPARTMENT: BBS# 2 SUBMITTED TO: MISS SONIA MUSHTAQ SUBMITTED BY: TAMINA KOUSAR SUBMITTED ON : 01 03 2019 MICROECONOMICS
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QNO1 IS GDP A GOOD MEASURE OF ECONOMIC WELL BEING? DEFINTION OF GDP The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time. IS GDP A GOOD MEASURE OF ECONOMIC WELL BEING? GDP is an indicator of a society’s standard of living, but it is only a rough indicator because it does not directly account for leisure, environmental quality, levels of health and education, activities conducted outside the market, changes in inequality of income, increases in variety, increases in technology, or the—positive or negative —value that society may place on certain types of output. The standard of living is all elements that affect people’s happiness, whether these elements are bought and sold in the market or not.
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