Gross Domestic Product (GDP)

 

 

Scenario
With real GDP growth in the one percent range and pay raises basically nonexistent, you might think that you
are doomed to a stagnant or even declining standard of living. But consider all the services at your fingertips
that add to your quality of life. Tasks once done face-to-face or on the phone—shopping, booking hotels,
flights, and taxis—can now be done with the tap of a button. Your parents had to visit the bank to deposit a
check or withdraw cash. Today, people take a picture of a check, and then electronically deposit, and send
money to others.
Instructions
Research the Gross Domestic Product (GDP) in the WCU online library and on the Internet. Governmental
websites such as the Bureau of Labor Statistics (BLS) and The Bureau of Economic Analysis (BEA) may be
useful. Write a two- to three-page paper in APA Style on GDP. Consider the following to guide your research
and writing.
What does Martin Feldstein say is wrong with the growth rate of real GDP per person as a measure of the
growth rate of the standard of living?
How does the price of a smartphone today compared with the 1991 prices of items it has replaced support
Feldstein’s argument? How does the falling share of household production in total production modify
Feldstein’s argument?
What other reasons not addressed in the news story make the growth rate of real GDP per person an
incomplete measure of the standard of living?

Sample Solution

‘Gavin And Stacey’. Corden’s audience will consist of younger and more realistic people, therefore this advertisement will show that anyone can buy Burberry and that like Stormzy it is achievable for ordinary people to wear a luxury brand and feel supported by them, no matter what their body type.

Another example would be the singer Adele and her contribution to the plus size fashion industry. Adele has been seen numerous times wearing Burberry at red carpet events and her own shows. This is important for the growth of a brand because if people feel at all excluded then they will not support a brand. Therefore, the use of a curvy woman on Burberry’s social media platforms will appeal to plus size women. Moreover, in terms of empowering women, social media and the blogging world have been a positive for the plus size industry, curvy girls have been able to express themselves and their views on the ideal body. Social media is constantly covered with slim body types and thin models; this is one of the main reasons for people feeling dissatisfied with their bodies. Bailey and Ricciardelli (2010) found that “upward comparisons are one of the strongest reasons for body dissatisfaction. Women who are heavy viewers of television – particularly of thin – ideal media – are presented with a multitude of thin actresses and models to which they can compare themselves.” Social media platforms such as Instagram have allowed plus sized girls and models to show that there is no ideal body and that all body types should be accepted and deemed as ‘normal’.

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