GDP per capita is often used as an indicator of welfare in an economy. While this approach has advantages, there are also many criticisms on GDP as an indicator of standard of living or welfare. The major advantages to using GDP per capita as an indicator of standard of living are that it is measure...

Economics is the study of making choices. High school and college students everywhere are required to take economic courses to obtain a diploma. Why is economics so important? Economics is important because it provides a guide for students for real-world situations. Economics is divided into two sub...

Macro-economy The wider, general economic environment can be defined as a system that attempts to solve the basic "economic problem" – resources are limited, human wants are infinite. All organisations including the University of Durham, DU On Fitness are affected directly and ...

II. INTRODUCTION Governments in countries all around the world are straightjacketed by debt. Debt repayments reduce the amount available for everything else the state needs to spend money on, so resources for public services are really pre-determined, because debt servicing has to come first...