This week’s discussion topic is about Gross Domestic Product(GDP), Per Capita GDP and Quality of Life. GDP is the market valueof all final goods and services produced in an economy in a year.Per Capita GDP is GDP/Population and shows how much of total GDP istheoretically available to each individual in the society. PerCapita GDP is the normal measure of Standard of Living whencomparing nations.
Quality of Life has no standard definition. It is broaderconcept that attempts to embrace the multitude of variables thatmake people happy. There are many measures of it, but all includeGDP and/or Per Capita GDP.
The ultimate question for this week is: “Is GDP a good measureof national economic well being?â€
