ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP per capita, purchasing power parity (PPP) (current international $)-This is the GDP divided by the midyear population, where GDP is the total value of goods and services for final use produced by resident producers in an economy, regardless of the allocation to domestic and foreign claims.

Detailed explanation-2: -GDP per capita (constant LCU) Long definition. GDP per capita is gross domestic product divided by midyear population. GDP at purchaser’s prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.

Detailed explanation-3: -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: -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: -GDP per capita stands for Gross Domestic Product (GDP) per capita (per person). It is derived from a straightforward division of total GDP (see definition of GDP) by the population.