Is GDP a good measure of economic activity and well being?

Essay from the year 2012 in the subject Economics - Macro-economics, general, grade: 1,4, Heriot-Watt University Edinburgh (School of Management and Languages), language: English, abstract: Table of contents 1.Introduction 2.GDP as a measure of economic activity and well being 3.Problems which arise by comparing GDP across countries 4.Conclusion 5.List of references 1.Introduction The purpose of this essay is to find out whether GDP (gross domestic product) is a good measure of economic activity and well being and which problems arise by comparing GDP across countries. The paper starts with a brief definition of the gross domestic product. Strengths and weaknesses of the GDP with respect to measuring of economic activity and well being will be discussed in the following. Next, the paper deals with difficulties which could occur by comparing GDP of different countries. Finally, a conclusion is given to identify the key findings of this essay.