Economists often measure the well-being of a society in terms of dollar-value of output. What types of things does this measure overlook in terms of the Standard of Living?

In order to judge the well-being of a society you need to look at a lot more than just the productive output of a country.

There are many wealthy countries such as United Kingdom which has a GDP in excess of USD $2 trillion. At the same time, there is lots of child poverty in the country and many single families without a proper means of income.

In order to better measure the well-being of a society, it is better to have a more holistic approach. We have to look at youth unemployment, crime rates, corruption, democracy, political freedoms, human rights, healthcare etc.

A country like China has a dollar-value output second only to the United States but their citizens do not enjoy any human rights.

the phenomenon that would be cited as evidence of increased economic interdependence between europe and the americas is  the development of mercantilism.

this theory suggests that the wealth of a country depends on its economic assets, or capital.

hope this : )

united kingdom

portugal

france

germany