Why Is GDP Not A Good Measure Of Standard Of Living? 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
Why Is GDP Different In Countries? Differences in real GDP across countries can come from differences in population, physical capital, human capital, and technology. After controlling for differences in labor, physical capital, and human capital, a significant difference in real GDP across countries remains. Why is it difficult to compare GDP from different countries? It
What Is Meant By The Gross Domestic Product GDP Of A Country? The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate
How Did Economic Differences Between North And South Affect The Outcome Of The War? The Union’s industrial and economic capacity soared during the war as the North continued its rapid industrialization to suppress the rebellion. In the South, a smaller industrial base, fewer rail lines, and an agricultural economy based upon slave labor made mobilization
What Are The Basic Characteristics Of The Economies Of Canada And The US? The economies of Canada and the United States are similar because they are both developed countries and are each other’s largest trading partners. However, key differences in population makeup, geography, government policies and productivity all result in different economies. What type of