ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Definition. The Gross Domestic Product per capita, or GDP per capita, is a measure of a country’s economic output that accounts for its number of people. It divides the country’s gross domestic product by its total population.

Detailed explanation-2: -Gross domestic product per capita measures a country’s economic output per person and is calculated by dividing the GDP of a country by its population.

Detailed explanation-3: -GDP per capita is the measure of the total output of a country where the Gross Domestic Product (GDP) is divided by the total population in the country. Income per capita is a measure of income earned per person in a country within a given period of time. GDP per Capita is calculated as (GDP/Population).

Detailed explanation-4: -Real GDP per capita is a measurement of the total economic output of a country divided by the number of people and adjusted for inflation. It’s used to compare the standard of living between countries and over time.

Detailed explanation-5: -Real GDP takes into account inflation. In other words, Real GDP measures the actual increase in goods and services and excludes the impact of rising prices. Real GDP per capita takes into account the average GDP per person in the economy.