Question

Discuss the merits and demerits of gdp as a measure

Answer 1

Answer:

Merits

If GDP is high, then production is high, which means that people have the money to purchase goods. This in turn means that firms have the money to employ people. So, a major advantage of GDP is that it gives a clear indicator as to how well (or badly) an economy is doing

Demerits

The limitations of GDP. GDP is a useful indicator of a nation's economic performance, and it is the most commonly used measure of well-being. The failure to account for the costs imposed on human health and the environment of negative externalities arising from the production or consumption of the nation's output.

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