Simple question but I just to want to verify whether my understanding is correct.
The length of an object is a measure for how long an object is if I measure (quantify) the length of an object, say with a cm ruler, by knowing the value for length I know how long an object is.
Now let's apply this logic to the economics context.
Real GDP per capita is a measure for economic well-being. If I measure real GDP per capita, say with an expenditure approach, by knowing the value for real GDP per capita, I have some information about what the economic well-being in the economy is.
If say the value for unemployment rate, gives me more information about what the economic-well being in the economy is, then unemployment rate is a better measure for economic well-being than real GDP per capita.
Any response is greatly appreciated and have a wonderful day.