Solved: Measure ofwell-being and welfare of a nation, Microeconomics

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Measure ofwell-being and welfare of a nation

Gross Domestic Product (GDP) is the broadest measure of output for an economy.

However, GDP does not perfectly measure well-being of a nation and its citizens' welfare. Discuss what GDP is and what it measures?

Discuss what the shortcomings (limitations) of GDP as a measure ofwell-being and welfare of a nation are?

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Microeconomics: Measure ofwell-being and welfare of a nation

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