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4 family members have a discussion on the limitations of using GDP as an index of welfare of a country...
There father arrives...
Nelly and Peter start a conversation about GDP after Peter eagerly asks her about it...
Hello Nelly ! Do u have any idea about what GDP is?
The father and the kids enter the living room and enlighten themselves.
Hey Peter! Wassup?
Ok...Are there any limitations of it as well?
GDP is the market value of all the goods and services produced within a country's borders in a specific period of time.
OK FATHER
Let's go to the living room, your mother and I will be able to explain it better together.
I don't know, you may ask father.
Baff! Baff!
Ok...In GDP, many goods and services contributing economic welfare are not included in GDP or Non-Monetary exchanges
Hi honey! The kids seem eager to know about GDP, will you tell them about its limitations?
Very rightly said and if we depend only on GDP, we would be underestimating economic welfare
WELL, I DONT THINK ANYTHING WOULD HAVE GONE INTO POOR PETER'S BRAIN. HAHAHAH...
THE END...
Thank you mum and dad! It was a great source of knowledge.
ZZz...
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