Answer

The GDP fails to account for the wealth generated from the black markets, yet the cash generated from such transaction plays a critical role in boosting a countries economy. This is due to the challenges in accounting and record-keeping for the details of the black markets due to the illegal nature of the market. The GDP is associated with environmental abuses as it takes less consideration of the adverse implications of the economic activities to the environment (Corporate Finance Institute, 2019). The GDP further fails to account for the non-market productions, such as for the goods that are produced for household consumptions like domestic farming, as it is quite hard to keep reliable accounts of this sector.

I would argue that the GDP of the country has a direct correlation with the levels of the social and economic wellbeing of the citizens (Neal, 2017). For instance, nations with higher GDP are likely to have a higher quality of infrastructures like roads, healthcare facilities, and technology, which is critical for improving people's welfare. However, the GDP level may not influence people's level of happiness since happiness is more psychological, and multiple factors can affect an individual's happiness, such as politics, religious and cultural beliefs climate, among others (Adler, 2019).

Values allude to enduring, passionate, and distinctive core beliefs. Values are acting as the guiding principles that are not likely to change. Values are further correlated to the deeply heels convictions, prioritizations, and the underlying assumptions which tend to influence the attitudes and the behaviors of individuals. A person's core values and the mission statements for their core foundations of their strategies and the beliefs and purposes to which they are genuinely committed. I believe that for one to be the best that one can be, it is only through reaching that maximum economic growth and productivity while preserving one's integrity and being true to oneself (Winget, 2017). I am of the proponent that one ought, to be honest with both themselves and others in making others happy and, in the process, finding true happiness to yourself. Every country out to maintain a candid interaction with its citizens and always make attempts to improve the social welfare of the citizens. E people will acknowledge this and hence work even harder to be the best they can for their nations and economies will positively influence the GDP.

References

Adler, M. D. (2019). undefined. Oxford University Press, USA.