ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Gross Domestic Product per capita or GDP per capita is a measure that calculates the country’s economic output that accounts for the number of people in the country or the country’s population. GDP per capita is calculated by dividing the country’s GDP by the country’s total population.

Detailed explanation-2: -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: -Real GDP per capita is calculated by dividing GDP at constant prices by the population of a country or area. The data for real GDP are measured in constant US dollars to facilitate the calculation of country growth rates and aggregation of the country data.

Detailed explanation-4: -Real GDP divided by Population. This is the “average” output of the economy per person measured in a base year prices. This ratio is often used as a measure of standard of living in comparisons over time of one country, or between different countries when measured in the same currency.

Detailed explanation-5: -GDP per capita. The formula divides the nation’s Gross Domestic Product. Further, if one is looking at just one point in time, then Nominal GDP can be used.