need help on filling these two charts veyla curiPart VI. Missing from GDPCOSCOGDPdoesn'ttell us..Part VII. Factors Affecting Population GrowthETFactorsaffectingPopulationGrowth

GDP doesn't tell us : The non-market transactions: The non-market transactions such as household…

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14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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need help on filling these two charts

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Step 1

GDP doesn't tell us :

The non-market transactions: The non-market transactions such as household chores done by the homemaker or the leisure time activities such as gardening etc are not included in the measurement of GDP.
The sustainability of growth : The GDP only tells the growth rate but does not tell if the growth rate is sustainable with the growing population or not.
Degree of inequality : The GDP only tells us the rate of growth in the economy but does not show the inequality of income prevailing in the economy.
Externalities : The externalities are the benefits or harm to the society due to the activities for which they are not paid or penalised. They are not included in the measurement of GDP.