economic growth a useful measure of economic performance Economic growth is an increase in the capacity of an economy to produce goods and services‚ compared from one period of time to another. It can be measured by gross domestic product (GDP) and this can give us a measure of economic performance. Actual economic growth is an increase in GDP. There are various distinctions used in the context of economic growth such as nominal GDP so the face value and real GDP which is when GDP is adjusted for inflation
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CHAPTER I 1.1 INTRODUCTION: Employee welfare is an important facet of industrial relations‚ the extra dimension‚ giving satisfaction to the worker in a way which even s a good wage cannot. With the growth of industrialization and mechanization‚ it has acquired added importance. The workers in the industry cannot cope with the pace of modern life with minimum sustenance amenities. He needs an added stimulus to keep body and soul together. Employees have also realized the importance of their
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These basic facilities are termed as welfare measures in the Factories act 1948. The need for adoption of welfare measures as a means to increase the workers productive efficiency‚ to keep up these moral and for the maintain of 1 industrial peace which has then realized by all section of the society. The main objectives of this provision are to provide basic welfare amenities to the workers‚ while working in the factories. Provision relating to welfare of the factory workers has been numbered
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the employees would depend greatly on the extent of satisfaction amongst them. A dissatisfied worker causes demage to the reputations to the property of the company. The satisfaction of the employees mainly depend upon their salary income and welfare measures. Since employees join to make small groups‚ together make large organizations and this constitute society. Employees satisfaction is of great importance for the employees for the organizations and for the society as a whole. Unless the management
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Unemployment as a Measure of Welfare Unemployment‚ as defined in books‚ is a situation wherein a person is jobless but is actively looking for work. To get the unemployment rate‚ we divide the total number of unemployed to the total labor force. Unemployment rate is sometimes used to determine the economic growth of a country. Unemployment has remained high in the Philippines for the past years. Since unemployment means no job‚ it is usually believed to be the cause of poverty. Our government
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Comparison of GDP among country and living standard GDP per person is measured frequently that most countries provide information on GDP allowing comparing with other countries. It is measured on a consistent basis that the technical definition of GDP is relatively consistent among countries. When compared to other countries with GDP per capita‚ GDP per capita as well as abroad is almost always higher‚ therefore‚ rich countries and the poor have very different rate of GDP per person. If large GDP leads
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RASHTRASANT TUKADOJI MAHARAJ NAGPUR UNIVERSITY (Established by Government of Central Provinces Education Department by Notification No. 513 dated the 1 st of August‚ 1923 & presently a State University governed by Maharashtra Universities Act‚ 1994) ________________________________________________________________________________________________________________ DIRECTION NO. 1 OF 2012 (Under Section 8 (1) & (4) of Maharashtra Universities Act‚ 1994) Direction governing the conversion of
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GDP is the best measure of a country’s “standard of living” Discuss Gross Domestic Product (GDP) is the value of everything produced in the economy for the year. It usually is used to provide economic growth rates and other important data‚ it is valued in terms of the cost of all inputs. Gross means total; domestic means it applies to everything produced within the economy‚ product means output. Standard of living refers to the wellbeing of the population‚ this requires a very wide range of data
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Measuring social welfare: GDP or HDI? FULL NAME: Bui Lan Phuong- 1111150187 Nguyen Thi Hoa- 1111150099 CLASS: A30 FACULTY: Economics and International Business For the past few years‚ interest in aggregate or composite indicators of economic and social well-being at the community‚ national and international levels has grown greatly. For example‚ the annual release of the United Nations’ Human Development Index (HDI) generates considerable media interest‚ particularly in Canada. It
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Why is GDP per capita useful as a measure of living standards? What are the limitations of GDP per capita as a comparable measure of living standards? Gross Domestic Product (GDP) measures the monetary value of final goods and services produced in a given year by factors of production within a country. GDP reports are released on the last day of each quarter‚ reflecting the previous quarter. Therefore‚ it is measured on a quarterly basis and measures the level of economic growth in different countries
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