Assignment Task: Gross domestic product (GDP) is widely used as an aggregate measure of economic well-being for countries. One criticism of using GDP to rank countries by economic activity is that GDP does not fully capture issues related to quality of life. In particular, some economists argue that France ranks well in GDP terms when compared to other developed nations, but the country would rank even higher if economic well-being measures included quality of life along with economic output.
Some factors that might help to explain quality of life in a country include health care quality, educational system, and cultural and scenic amenities. If you were designing a new measure of economic well-being to replace GDP, which three quality of life factors would you include in your measure?