How can we measure living standards?By Rania Fern and Aditi

GDP Gross Domestic Product: Total values of goods

and services produced by an economy in one year

The countries with the top 5 GDP are:1. Qatar $145,3002. Liechtenstein $122,1003. Luxembourg $81,8004. Bermuda $69, 9005. Singapore $ 62, 200

Advantages of GDP It can be used to measure economic

growth. It tells you on average how much output

each person provides to the economy and therefore is a measure of economic health.

You can compare countries productivity and economic health more easily.

Disadvantages of GDP It doesn’t include extremes and work done my

NGO’s. A countries economic health may not be too good

by GDP would be high. The GDP isn’t measured against the productive

capacity of the economy

The real GDP is a better measure rather than GDP per capita.

Household incomeHousehold income: The average income of a

household.1. Switzerland 2. USA3. Canada4. Australia5. New Zealand

Educational Attainment Educational attainment is referred to as the

highest level and degree of education an individual has completed

A country uses this statics to work out the % population who has, for e.g., completed primary education

From the last e.g. The Government can use this data to set up government schools which provide primary education free of cost

A better measure may be the Country’s literacy rate

Empowerment Empowerment is the religious, political or

economic strength of the people Gender Empowerment is when men (usually)

empower the women. They are considered more powerful and important than the women

Political empowerment may mean when different parties empower each other OR when politicians control the country in a dictatorship

Economic empowerment is when the rich empower the poor