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- Created by: FunkyFrog
- Created on: 05-06-14 10:32
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- GDP PER CAPITA (measuring living standards)
- HIDDEN ECONOMY: GDP STATISTICS WILL NOT TAKE INTO ACCOUNT UNDERGROUND ECONOMIC TRANSACTIONS
- HARD WORK: DOES NOT TAKE INTO ACCOUNT A PERSON'S HARD WORK
- NEGATIVE EXTERNALITIES: GDP PER CAPITA AS A MEASURE TAKES INTO ACCOUNT N.E. (POLLUTION) = OVERESTIMATE LIVING STANDARDS IN THE COUNT
- COMMON CURRENCIES: WHEN A COUNTRY'S GDP IS USED TO COMPARE CURRENCIES; THEY HAVE VARYING PURCHASING POWER MEANING IT WILL NEVER BE A TRUE COMPARISON
- LIMITATIONS
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