GDP and Welfare
Economics ⇒ National Income and Related Aggregates
GDP and Welfare starts at 12 and continues till grade 12.
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Describe how environmental degradation can lead to a rise in GDP but a fall in welfare.
Describe the impact of black economy on the measurement of GDP and welfare.
Explain any two limitations of GDP as an indicator of welfare.
Explain the difference between economic growth and economic welfare.
Explain the difference between GDP at market prices and GDP at factor cost.
Explain the term 'externalities' in the context of GDP and welfare.
Explain why GDP may rise even if the welfare of the people does not improve.
Explain why GDP per capita is considered a better measure of welfare than GDP.
Explain why non-monetary exchanges are not included in GDP.
If GDP increases but income inequality also increases, what can you say about welfare?
If GDP per capita increases but pollution also increases, what can you say about welfare?
State one reason why an increase in GDP may not always lead to an increase in welfare.
State one way in which GDP can be increased without improving welfare.
What does GDP stand for?
