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How does technology affect costs and profit

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1) GDP as a Measure of Well being is described as the importance of GDP as a measure of our economic well-being. But that this measure omits some things that are important in describing how well-off we are. Provide 3 specific examples of things that are important to society, but which are omitted from the GDP measure.

2) Elaborate on the concept of Technology changes & innovation with reference to economics- How does Technology affect costs and profit? Give examples. What is the Value of information in promoting economic process in general?

3) GDP and Income Inequality- Brad Plumer, the Post's Wonkblogger, describes and critiques several ways in which income inequality is thought to affect the rate of growth of a country's GDP. Explain one of these possible effects, and comment on why agree or disagree that inequality affects GDP.

Reference no: EM131245911

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