Question

What do you mean by economic welfare? The growth of GDP is not a real indicator of economic welfare. Discuss two reason to justify the given statement.

Answer 1

Answer:

Sorry bro I don't know the answer

Answer 2

Hey Mate !

Broadly, economic welfare is the level of prosperity and standard of living of either an individual or a group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services.

GDP shows the total value of goods and services produced in a country. However, it does not exhibit how the GDP is distributed among the people. If with every increase in the level of GDP, Distribution is getting more unequal, the welfare level of society may not rise.

Hope it helps u !