Quick economics question?

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Hi, I'm having trouble with this. Any help is appreciated.

Why is GDP an imperfect measure of economic or society's well-being?

Second, list two (2) products or services that would be included in the calculation of GDP. Then, list two (2) products or services that would NOT be included in the calculation of GDP.
 
GDP may be the higher one but the ground condition may be against. like in India we see that GDP is good but the poverty is rising.2. Agricultural and Industrial products are the main GDP components. 3.The services sector and imports/exports may be excluded
 
GDP measures income and output as an aggregate number for a nation. It doesn't measure economic well-being for individuals. GDP per capita is used for that. Also, the GDP doesn't factor in externalities (such as pollution), which affect society's well-being.

Examples of what is included in GDP: Automobiles manufactured and sold within a country; sales of newly-manufactured homes.

Examples of what is not included in GDP: Automobiles manufactured outside a country by a company based inside the country; sales of previously existing homes.

So that you don't get confused, I want to let you know that the answer that said that the service industry and imports/exports are excluded is an incorrect answer: those things are included.
 
GDP measures income and output as an aggregate number for a nation. It doesn't measure economic well-being for individuals. GDP per capita is used for that. Also, the GDP doesn't factor in externalities (such as pollution), which affect society's well-being.

Examples of what is included in GDP: Automobiles manufactured and sold within a country; sales of newly-manufactured homes.

Examples of what is not included in GDP: Automobiles manufactured outside a country by a company based inside the country; sales of previously existing homes.

So that you don't get confused, I want to let you know that the answer that said that the service industry and imports/exports are excluded is an incorrect answer: those things are included.
 
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