• Part 1: How accurate is GDP as an indicator of a society's well-being? Identify at least four shortcomings of using GDP as a measurement of well-being (e.g. what are some items that are omitted from GDP and why is that relevant?)
  • What is income inequality and how well does GDP capture income inequality within a society?
  • What is the relationship between income inequality and the economic well-being of a society?
• Part 2: Consider the following challenge: you are tasked with depicting the economic well-being of a country's citizens, and you are only allowed to present data from three of the measures featured in the BEA's Prototype Measures of Economic Well-Being and Growth slideshow.
  • Which three indicators would you choose, and why do you believe those would be the best combination of macroeconomic indicators to most accurately portray well-being?