Examlex
One shortcoming of real GDP as an indicator of society's social well-being is that it fails to take into account the:
Social Class
A division of a society based on social and economic status, influencing individuals' lives, opportunities, and access to resources.
Social Mobility
Shift of individuals, households, or groups across various positions within a societal hierarchy or class system.
Socioeconomic Status
An indicator of a person's or household's place within societal and economic rankings, determined by factors such as income, level of education, and job type.
Life Chances
In sociology, "life chances" refers to the opportunities each individual has to improve their quality of life, based on various socioeconomic factors.
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