ECO 205 Week 7 DQ 2 - 7521

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Request Description

Discuss the relationship between the level of GDP and economic well-being.

What factors of well-being are missing from the GDP?

Is there a point where the GDP could increase to such a high level that economic well-being could be compromised? If so, describe some of the opportunity costs associated with maximizing the GDP.

Solution Description

Usually, a high GDP per person correlates with high levels of economic well-being. The more a country produces, the more money they have as a whole. The more money you have, the more money you spend, which keeps the economy healthy and growing.