ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP per capita is calculated by dividing nominal GDP by the total population of a country. It expresses the average economic output (or income) per person in the country. The population number is the average (or mid-year) population for the same year as the GDP figure.

Detailed explanation-2: -Gross domestic product (GDP) per capita is a financial metric that breaks down a country’s economic output per person and is calculated by dividing the GDP of a nation by its population.

Detailed explanation-3: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).

Detailed explanation-4: -A country’s GDP or gross domestic product is calculated by taking into account the monetary worth of a nation’s goods and services over a certain period of time, usually one year. It’s a measure of economic activity. This amount of wealth is divided among the country’s population to tell us its GDP per capita.

Detailed explanation-5: -The Output Method (all value added by each producer), The Income Method (all income generated) and. The Expenditure Method (all spending).