S3 EconomicsTopic 3: Measurement of Economic Performance17Note 3.1 IntroductionA How to measure the economic performance of a country/region?When the economic performance of a country/region is better, we can also say thatthe living standard of the people may also be higher.1.In your opinion, what is the meaning of "high living standard"?2. Choose one item from the list below and explain how it can reflect the livingstandard of the people.Happiness index, crime rate, average schooling years, life expectancy, averageworking hours, median family income, number of holidays per year, level ofpollution, average weight of rubbish disposed per person, amount of savingsper person1 1.The following diagram shows a production process of an economy.Imported$600materials$4300ExporterAmy's garmentLocalfactorymaterials14Local$400$2000boutiquesWhat is the contribution of Amy's garment factory to the GDP of the economy?2.The following diagram shows a production chain of watches in an economy:Imported materialsS30SI50 Foreign consumersLocal watchmanufacturersLocal watch$120retailersLocal materials$20Find the contribution of the local watch manufacturers to the economy's GDP.

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1. In your opinion, what is the meaning of "high living standard"?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 6E

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