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Chapter
Economics and Well-Being
DOI link for Economics and Well-Being
Economics and Well-Being book
Economics and Well-Being
DOI link for Economics and Well-Being
Economics and Well-Being book
ABSTRACT
This chapter looks at cross-sectional data for different countries to make international comparisons on specific economic variables. GDP, or gross domestic product, is a measure of the total value of goods and services produced in a country. GDP is widely used as a measure of a nation’s economic development. GDP only measures market activities and ignores aspects such as health, education, inequality, and environmental sustainability that are central to economic well-being. The inflation rate is a measure of the average increase in prices between one year and the next. It is measured by the change in the consumer price index. The vast majority of scientists believe that human activities are impacting the global climate.