Human Development Index and Gross Domestic Product - Coursework Example

The paper under consideration aims to discuss the relation of the gross domestic product to the economic welfare of a country.... hellip; The gross domestic product seeks to measure the sum of incomes received by the different types of sectors of the economy, from manufacturing and wholesale to agriculture and service industries.... The gross domestic product is a specific measure of a country's national output and provides a basic idea of how well-off a country is, compared with other countries....

Special care will be taken to ensure that all such data categories and factors are properly weighted so that homogeneity, as far as is possible, is maintained throughout the analysis. For decades after the 2nd World War, after the United Nations Organization was set up, country-wise development was measured in terms of the gross domestic product (GDP).... The 2003 "human development index" Report brought out by the United Nations in collaboration with other international agencies like the World Bank and UNESCO rank Mexico in the 55th place while Brazil ranks in the 65th place....

elative Economic Development and Concerns Fiji ranks 92nd in the Human Development Index (HDI) and in terms of per capita gross domestic product at Purchasing Power Parity, with $6,049 and 108th in terms of life expectancy at birth, which is 68 years (HDR).... Fiji is a group of islands with a total land mass of 18,270 sq km in the south Pacific Ocean spanning over 700,000 sq km, about two third of the distance from Hawaii to New Zealand....

In the field of economy an economic indicator that has been utilized a metric that measured both economic growth and well being is gross domestic product (GDP).... gross domestic product can be… ned as the total market value of all final goods and services produced in a country in a given year; it is equal to the total consumer consumption, investment and governmental spending, plus the value of exports minus imports (Investorswords, 2009).... This paper analyses gross domestic product in order to determine its functionality and ways to improve the metric so it can become a more suitable indicator of social progress and well being....

This paper under the headline 'gross domestic product and Human Development Index" focuses on the fact that GDP, as defined by Investopedia, is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.... human development index - 0.... human development index - China - 0.... human development index - Saudi Arabia - 0.... 70 Source: United Nations While the most standard of living indices uses GDP per capita, I chose the human development index to measure the quality of life in a country....

On the other hand in various countries economists link the development with the developed or either with developing countries economies and use the GNP (Gross National Product) and GDP (gross domestic product) for measuring it (Pieterse 2009).... nbsp; There are many geographers that measure the development in the terms of countries human development index.... The study has been conducted for defining the problems that occur while defining the development taking place in the economy and the various measures adopted by the economists for measuring it on the specific index....

gross domestic product is an approximated value of the total amount of a country's products and services, within its boundary, by its citizens and foreigners, calculated over a one-year period.... Whereas Gross National product is an approximated value of the total amount of services and products, by citizens of the country, within its lands or on foreign territories, computed over the course of one year (Bea.... The ratio of domestic to... With nominal GDP and real GDP values, one can derive an index of the price level in the year....

The True Nature of Development            For decades after the 2nd World War, after the United Nations Organization was set up, country-wise development was measured in terms of the gross domestic product (GDP).... omparative DevelopmentThe 2003 “human development index” Report brought out by the United Nations in collaboration with other international agencies like the World Bank and UNESCO rank Mexico in the 55th place while Brazil ranks in the 65th place....