1. How can we measure living standards? By Rania Fern and Aditi

2. GDP  Gross Domestic Product: Total values of goods and services produced by an economy in one year  The countries with the top 5 GDP are: 1. Qatar $145,300 2. Liechtenstein $122,100 3. Luxembourg $81,800 4. Bermuda $69, 900 5. Singapore $ 62, 200

3. Advantages of GDP  It can be used to measure economic growth.  It tells you on average how much output each person provides to the economy and therefore is a measure of economic health.  You can compare countries productivity and economic health more easily.

4. Disadvantages of GDP  It doesn’t include extremes and work done my NGO’s.  A countries economic health may not be too good by GDP would be high.  The GDP isn’t measured against the productive capacity of the economy The real GDP is a better measure rather than GDP per capita.

5. Household income Household income: The average income of a household. 1. Switzerland 2. USA 3. Canada 4. Australia 5. New Zealand

6. Educational Attainment  Educational attainment is referred to as the highest level and degree of education an individual has completed  A country uses this statics to work out the % population who has, for e.g., completed primary education  From the last e.g. The Government can use this data to set up government schools which provide primary education free of cost  A better measure may be the Country’s literacy rate

7. Empowerment  Empowerment is the religious, political or economic strength of the people  Gender Empowerment is when men (usually) empower the women. They are considered more powerful and important than the women  Political empowerment may mean when different parties empower each other OR when politicians control the country in a dictatorship  Economic empowerment is when the rich empower the poor