explain the exceptions of GDP as welfare???
Answers
Answer:
In your everyday routine, there are several things that you need to get through the day. As a student, you may require your subject books, your art equipment, or your mechanical drawing set. Needs are different for different people and what satisfies these needs are goods and services. And you pay a price for these goods. Consequently, you create a market for these goods and help in contributing towards the GDP of your country’s economy. And all these put together affect the economy in many ways. So, let’s try and understand these concepts in detail.
Answer:
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services manufactured in a time frame, often yearly or quarterly. Nominal GDP evaluates are commonly utilized to decide the economic performance of a whole country or region and to make international comparisons.
The welfare definition of economics is an effort by Alfred Marshall, an explorer neoclassical economist, to reanalyze his field of study. This definition elucidates the stream of economic science to a larger study of humanity. Particularly, Marshall’s view is that economics studies all the pursuits that people take in order to attain economic welfare. In the words of Marshall, “man earns money to get material welfare.” This definition expanded the scope of economic science by foregrounding the study of wealth and humanity simultaneously, rather than wealth alone