ECON WEEK 2 Assignment Example | Topics and Well Written Essays - 250 words

ECON WEEK 2 - Assignment Examplegross domestic product and its related concepts real GDP, GDP per capita etc. are therefore incomplete measures of an economys health, they only account for goods and service with legal financial value that is, those produced and sold in legal markets (Ouanes & Thakur, 1997). Accordingly, productive activities such as a businessman regular own broken machine, literally bypassing market transaction processes, is overlooked. Secondly, it evident that a country producing too much goods and services might actually do so by emitting too much carbon dioxide into the atmosphere, thus, stifle the quality of life/air within its boundaries. Such negative externalities are always relegated in the periphery in GDP accounting, which by and large reduces the quality of human life (Hunt & Nesiba, 2008). Last but non least, a countrys output increases can be the result of increased hours of work with exceptional time off duty. Leisure time contributes a great d eal to the quality of life that adept lives, so much to the extent that it is but a misguided conclusion to assume that more products and services as measured by the GDP translates into a more enjoyable life within an