GDP and standard of living. What does Gross Domestic Product tell? If GDP increases, what does it mean for the economy? If GDP is higher, does it necessarily mean that living standard of average person has increased? If and when is it possible for GDP to be higher but average living standard to be lower? What might GDP miss that affects our standard of living? Respond and evaluate at least one classmate's post to show what they have missed in their analysis

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GDP and Standard of Living Gross Domestic Product GDP measures the total value of all goods and services produced within a countrys borders over a spe... View the full answer