Quality of life

Quality of life - Name Bao Dang ID 16-867-4989 GDP and...

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Name: Bao Dang ID: 16-867-4989 GDP and Quality of Life Is it impossible to have a single measure for the quality of life when we live in a multidimensional world? For the past four decades, economists have puzzled over a paradox that cast doubt on Gross domestic product (GDP) as the world’s main indicator of success. Political leaders are increasingly expressing dissatisfaction with GDP as an indicator of a nation’s success in raising living standard. We just can use GDP correctly if we can understand GDP correctly based on economic knowledge. To use GDP correctly, we have to understand the definition of GDP. Gross domestic product (GDP) is the dollar market value of all goods and services produced in an economy with in the year. Another indicator that is often used to indicate the standard of living is the per capita GDP index. The per capita GDP index measures the dollar market value of goods and services produced in terms of what it might mean to the average person living in the economy. Even though according to the article, the increase in per capita GDP index tend to coincide with a
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Quality of life - Name Bao Dang ID 16-867-4989 GDP and...

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