Measurement of National Income and Standard of Living
Students will examine the measurement of Gross Domestic Product (GDP) and Gross National Income (GNI). They will assess the usefulness and limitations of these statistics in comparing standard of living over time and between countries.
About This Topic
Students will examine the measurement of Gross Domestic Product (GDP) and Gross National Income (GNI). They will assess the usefulness and limitations of these statistics in comparing standard of living over time and between countries.
Key Questions
- What is the difference between nominal and real GDP?
- How accurately does GDP per capita reflect the material standard of living?
- What alternative indicators can be used to measure the non-material standard of living?
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