So, all the companies moving to Texas, in the long run, is going to hurt Texas? 2. "Real GDP per capita is found by:<quoted text>
Your GDP of Texas illuminates the growing disparity between the elite and its labor force. It can be manipulated for political rationales. At best it is a simple rule of thumb. One would have to have all the variables , that were used and not used to achieve their GDP. Texas borrowed $6 Billion from Obama and increased its minimum wage earners. To put it in a nut shell.
First, free time, or leisure is not included in GDP analysis. While someone may be happier only working four days a week, that additional day off will reduce the GDP number. While this makes sense because GDP is the measure of the total value of output, it shows us why using GDP as a measure of well-being or happiness doesn’t make sense. It is possible to have a very industrious country have a very high GDP, but all of its people could be overworked and sick which would translate to a poor well-being measure.
Next, GDP measures total production for a nation, and GDP per capita gives us an average amount of output per person, but it never tells us how GDP is divided among its residents. Think of a corrupt nation, maybe the leaders of the government keep all of the money generated from production, and allow their citizens to live in slums. Well-being could be very low even though GDP is high, because the majority of the products from that nation go to the elite.
Third, some services and products included in the GDP measure actually lower our well-being. Imagine expenditures on the military, police, security and services for drug addiction and lawsuits. Just because these services are being purchased, doesn’t mean that they improve our well-being.
Finally, GDP doesn’t take into account negative effects on the environment or other externalities. When we produce goods and services, we use resources from the earth, and sometimes we pollute the air, water, and soil as well. When trash goes into a landfill, this affects GDP positively because a service was purchased. When oil is taken out of the ground, this counts positively towards GDP, but nowhere in this measure is it taken into account that the oil is now gone, and can never be used again.
Where have I been? Good to see you guys miss me. Have been aiding a fellow human being to T.L.C. their home. This will take up some more of my time as this is a higher priority.
A) adding real GDP and population.
B) subtracting population from real GDP.
C) dividing real GDP by population.
D) dividing population by real GDP."
Helping addiction and that person goes to work and adds to the GDP doesn't improve our well-being? "4. For comparing changes in potential military strength and political preeminence, the most meaningful
measure of economic growth would be:
A) changes in total nominal output.
B) changes in total real output.
C) changes in per capita output.
D) changes in per family output."
GDP (Y) is a sum of Consumption (C), Investment (I), Government Spending (G) and Net Exports (X – M).
Y = C + I + G +(X − M) C (consumption) is normally the largest GDP component in the economy, consisting of private (household final consumption expenditure) in the economy. These personal expenditures fall under one of the following categories: durable goods, non-durable goods, and services. Examples include food, rent, jewelry, gasoline, and medical expenses but does not include the purchase of new housing.