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Economics Tuition – Video by Economics Focus

This e-learning video developed by JC Economics Tutor Simon Ng of Economics Focus examines the topic of National Income Accounting and Economic Indicators, in which students are required to identify and interpret various economic indicators, like real Gross Domestic Product (GDP) per capita and Human Development Index (HDI), to find out whether there is an improvement in the standard of living.

The ultimate goal of all governments is to improve the general standard of living (SOL) of its population. Discuss the extent to which a government can assess that its goal to improve the general standard of living of its population has been achieved. [13]

Analysis of The Question


For this question, the requirement of the question is to be able explain how the quantitative value of SOL in terms of real GDP per capita as well as the qualitative value of SOL in terms of HDI and MEW can be used to assess whether SOL has improved

There is also a need to evaluate whether such methods of assessment will fail to measure the degree of improvement in SOL

Source of Information


Part of knowledge needed for this question:

  • Explain how GDP reflects quantitative value of SOL
  • Explain limitations of GDP in measuring quantitative value of SOL (problems of time comparison)
  • Explain how HDI and MEW reflects qualitative value of SOL
  • Explain limitations of HDI and MEW in measuring qualitative value of SOL

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