ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP per capita is a measurement of the GDP per person in a country’s population. It indicates that the amount of output or income per person in an economy can indicate average productivity or average living standards.

Detailed explanation-2: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-3: -What Is GDP Per Capita? 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-4: -GDP per capita provides a basic measure of the value of output per person, which is an indirect indicator of per capita income. Growth in GDP and GDP per capita are considered broad measures of economic growth.

Detailed explanation-5: -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.