IB Economics Topic 3.1.9 Alternative Measures of Well-being Revision Notes (SL/HL)

IB Economics Topic 3.1.9 Alternative Measures of Well-being Revision Notes (SL/HL) | RevisionDojo

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Definition

Economic well-being

The level of prosperity, economic satisfaction, and standard of living experienced by members of an economy.

Standard national income statistics (GDP/GNI) do not provide meaningful measures of the economic well-being of the residents of an economy.
There are other specific alternative measures of well-being:
1. OECD Better Life Index.
2. Happiness Index.
3. Happy Planet Index.
These indices consider a broader range of dimensions beyond economic activity, providing a more comprehensive view of well-being.

OECD Better Life Index

Definition

OECD Better Life Index

An alternative to traditional national income statistics that evaluates economic well-being across multiple dimensions, incorporating aspects that account for the quality of life.

The OECD Better Life Index was developed by the Organisation for Economic Co-operation and Development (OECD) to measure well-being.
The index evaluates well-being using 11 dimensions, divided into two categories:
1. Material conditions:
  1. Income.
  2. Jobs.
  3. Housing.
2. Quality of life:
  1. Health.
  2. Education.
  3. Work-life balance.
  4. Social connections.
  5. Civic engagement.

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Definition

Paywall

(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Duis aute irure dolor in reprehenderit

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Note

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam quis nostrud exercitation.

Excepteur sint occaecat cupidatat non proident

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit.

Tip

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum.

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Definition

Economic well-being

The level of prosperity, economic satisfaction, and standard of living experienced by members of an economy.

Standard national income statistics (GDP/GNI) do not provide meaningful measures of the economic well-being of the residents of an economy.
There are other specific alternative measures of well-being:
1. OECD Better Life Index.
2. Happiness Index.
3. Happy Planet Index.
These indices consider a broader range of dimensions beyond economic activity, providing a more comprehensive view of well-being.

OECD Better Life Index

Definition

OECD Better Life Index

The OECD Better Life Index was developed by the Organisation for Economic Co-operation and Development (OECD) to measure well-being.
The index evaluates well-being using 11 dimensions, divided into two categories:
1. Material conditions:
  1. Income.
  2. Jobs.
  3. Housing.
2. Quality of life:
  1. Health.
  2. Education.
  3. Work-life balance.
  4. Social connections.
  5. Civic engagement.

Definition

Paywall

(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Note

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam quis nostrud exercitation.

Excepteur sint occaecat cupidatat non proident

Tip

Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum.

1. Introduction to Economics2 subtopics

2. Microeconomics12 subtopics

3. Macroeconomics7 subtopics

4. The Global Economy10 subtopics

IB Economics 3.1.9 Alternative Measures of Well-being Notes

1. Introduction to Economics2 subtopics

2. Microeconomics12 subtopics

3. Macroeconomics7 subtopics

4. The Global Economy10 subtopics

OECD Better Life Index

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Excepteur sint occaecat cupidatat non proident

Unlock the rest of this chapter with a free account

OECD Better Life Index

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Excepteur sint occaecat cupidatat non proident

Unlock the rest of this chapter with a free account