In what way does gdp not give an accurate representation of standard of living

1 answer:

5 0

<span>There are several shortcomings of using GDP as a way to measure standard of living. Real GDP doesnâ€™t acknowledge the total amount of unpaid labor. The value of housework, child care, elder care, volunteer work, and community service cannot be factored into GDP. These forms of labor are unpaid, even though they have significant influence on the standard of living.</span>

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The correct answer to this open question is the following.

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Conducting an experiment can clarify the concept to make it more understandable as conduction the experiment is the cause and the outcome is the effect caused due to experiment.

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