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Econ 1 with John Taylor Discussion

The Composition of Gross Domestic Product

How can gross domestic product and poverty rates indicate standards of living?

Responses

How local, state and federal governments allocate budget and spend money on projects. This can affect infrastructure that allows for more retail, residential and/or public spaces. The schools, housing prices, retail and services affect how well a neighborhood is rated. Gentrification is what I'm thinking of.

I guess also the GDP is an overall statistic of how the job market is. The poverty rates indicate what is not being met in the work force. From this there is an indication of where jobs were lost and maybe to gain.

In the stats, the assumption is a high GDP and a low poverty rates means there is a higher standard of living. If the society has a form of democracy, if there is a reliable form of reports to obtain accurate data, and regional discrepancies of population ratio of socioeconomics is not that large. Although rural and urban is taken in account.

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