Discuss what GDP is and what it measures. Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are.

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Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure the well-being of a nation and its citizens’ welfare. Discuss what GDP is and what it measures. Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are.