Final answer:
To properly gauge economic well-being, it's best to look at the Gross Domestic Product (GDP), unemployment rate, and inflation rate. These indicators together give a comprehensive perspective on economic growth, labor market health, and cost of living.
Step-by-step explanation:
Gauging Economic Well-Being
When economists are looking to gauge economic well-being, it is appropriate to examine several indicators including Gross Domestic Product (GDP), unemployment rate, and inflation rate. All of these factors provide a multifaceted view of an economy's health. The GDP measures the total value of goods and services produced, giving insight into economic activity and growth. A good growth rate for GDP is above 3%. The unemployment rate is indicative of the labor market's health and the availability of jobs, while the inflation rate helps in understanding the purchasing power of the currency and the cost of living. Together, these indicators provide a comprehensive picture of economic well-being.