Answer:
Economic and social policy refers to the government's actions and decisions to manage and influence economic and social issues in a country. Economic policy generally focuses on issues such as fiscal and monetary policy, taxes, and regulations, while social policy focuses on issues such as healthcare, education, welfare, and social justice.
Step-by-step explanation:
There are many measures used in making economic and social policy, but here are five of the most commonly used measures:
Gross Domestic Product (GDP): GDP is the total value of all goods and services produced within a country over a given period of time. Policymakers use GDP to determine the overall health of the economy and to set policies to promote economic growth.
Unemployment Rate: The unemployment rate is the percentage of people in the labor force who are not employed but are actively seeking work. Policymakers use the unemployment rate to gauge the health of the labor market and to set policies to promote job growth and reduce unemployment.
Poverty Rate: The poverty rate is the percentage of the population living below the poverty line, which is set by the government. Policymakers use the poverty rate to determine the level of poverty in a country and to set policies to reduce poverty.
Inflation Rate: The inflation rate is the rate at which the general level of prices for goods and services is rising over time. Policymakers use the inflation rate to determine the level of inflation in a country and to set policies to control inflation.
Human Development Index (HDI): The HDI is a composite measure of a country's development that takes into account life expectancy, education, and per capita income. Policymakers use the HDI to gauge a country's overall development and to set policies to promote human development.
Overall, these measures provide policymakers with valuable information about the state of the economy and society, which can be used to make informed decisions about policies that will promote economic growth, job creation, poverty reduction, and human development.