... and Gross Domestic Product (GDP). The growth in Gross Domestic Product is usually a good indication of economic growth, but in an economy for which earnings from overseas are substantial in relation to Gross Domestic Product, it is better to look at Gross National Product. Factors that contribute to economic growth are capital accumulation, population and labour force growth and technological progress. Welfare concerned with the well being of living of the people. It considers the cost, availability and accessibility of basic necessities of life to the general population of a country. The basic needs cover basic education, nutrition, housing and related infrastructure, health, sanitation, and water supply. With regards to welfare, the poverty levels are good indication of the welfare of the people. Poverty is the lack of basic needs of life such as food, income, shelter and health and also encompasses issues of exclusion and access. Welfare ...

See this essay or coursework document in full right now