Answer 3 question in 200 words Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as

Answer 3 question in 200 words 

Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms).

• What are the shortcomings of using GDP as a measure of economic welfare?
• What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation?
• Do we have other measures of economic well being

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