Measures of the Standard of Living Gross Domestic Product is a measure of the productive output of an economy. Specifically, it refers to the total value of the final goods and services produced in the United States. GDP per capita is a traditionally popular measure of the standard of living because it is relatively easy to measure, and straightforward to interpret. Give two alternative measures of the standard of living (SoL), and why you might prefer to use these measures over GDP per capita. (bonus: invent your own measure, and argue its advantages)