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Standard of Living, Gini coefficient as a supplementary - Coggle Diagram
Standard of Living
macroeconomic goals
sustainable and inclusive growth
full employment
price stability
Favorable balance of trade (BOT)
measuring living standards
National income
indicators
GDP
GNP
HDI
MEW
limitations of real national income per capita to compare living standards
Data collection problems
Size of underground economy
changes in size of non-market economy
Home based / voluntary activities
subsistence agriculture
changes in distribution of national income
changes in the composition of national income
limitations of using national income per capital to compare living standards
between
countries
inaccuracy
of national income figures
difference in
currencies
used and problems with market exchange rates
fluctuating exchange rates
do not reflect relative difference in prices across countries
differences in distribution of income
differences in
proportion
of national income spent on different types of goods
difference in non-material SOL
difference in external cost
difference in hours of work vs leisure time
national product
national expenditure
well-being of residents
material well-being
non-material well-being
Gini coefficient as a supplementary