Economic indicators are economic statistics that tell us how well the economy is doing. The GDP, unemployment rate, and inflation rate are the most common macroeconomic indicators. The change in the GDP tells us whether the economy is in an expansion or recession. GDP is the total value of all final goods and services produced in within a country in a given year.
1. Do you think the GDP is a good indicator of economic well-being?
2. What other factors do you think contribute to a good standard of living?© BrainMass Inc. brainmass.com September 21, 2018, 7:48 am ad1c9bdddf - https://brainmass.com/economics/political-economics/economics-323372
1. I think GDP is a good indicator of economic well-being for the country, but not for citizens.
GDP per capita is not a measurement of the standard of living in an economy. it does not suggest how citizens would benefit from their country's increased economic production. Similarly, GDP per capita is not a measure of personal income. GDP may ...