Explain how aggregate measures are useful in the socio-economic development of a country. Discuss difficulties in measuring the national income. 

Aggregate measures are useful in the socio-economic development of a country as - 

a) An Instrument of economic planning and review: The statistics provide basic information on which the government can base their decisions. All sectors of the economy are able to use this data for assessing future prospects. The figures help in answering many queries e.g. trends in the growth of the economy,which are sunrise and sunset industries,trends in consumer spending, :savings and investments in whole economy.

b) Indicator of standard of living: The level of income is one of the major factors to indicate standard ofliving. The trends in real income provide this information. However, the per capita income at constant prices is best indicator for this purpose as the population is also growing. However, we cannot say much about the quality oflife as the needed ___ ___ _____ ____ ________ __________ _____ _________ __________.
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