Gross domestic product (GDP) in its most basic form is a very poor measure of the standard of living. Even in its more refined forms, it is not a very accurate measure of standard of living, at least not for everyone in a country. In its most basic form, GDP only measures the gross output of a country.

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Gross domestic product is a sign of a general publics way of life however it is just a harsh marker since it doesnt straightforwardly represent recreation ecological quality levels of wellbeing and in... View the full answer