Part one of term paper
Development Economics: Evaluate the validity of using National Income statistics as an indicator of standard of living and as a comparison of economic development between different countries. National Income is an indicator of standard of living measured by output, expenditure or income in one year. The reason that these three factors are ...

Part two of term paper
... being produced for a nation to buy. In theory the totals of each of these should be equal as a country should produce enough for itself to buy with itÕs given income (we must also consider imports and exports). From this perspective National Income statistics should therefore give at least an idea of the standard of living in a country. This is why this statistic is widely used in the USA and Japan. However, there are some criticisms of National Income statistics. The first major criticism i ...