Economic Statistics Are Not Perfect

question 77

Essay

Economic statistics are not perfect.Explain at least one way in which each of the following statistics as currently calculated in Canada fails to completely or accurately measure the corresponding economic concept (in parentheses):
a.real GDP per person (economic well-being)
b.CPI (cost of living)
c.unemployment rate (involuntary unemployment)

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Definitions:

Effective Sales

The achievement of sales goals in an efficient manner with a focus on maximizing customer satisfaction and profitability.

Target Markets

Specific groups of potential customers towards whom a company directs its products and marketing efforts.

Forecast Future Sales

The process of estimating the amount of product or service a company will sell in the future, based on historical data, trends, and market analysis.

Market Interval Scales

Measurement scales used in market research that show the order of options, plus the ability to quantify and compare the size of differences between them.