ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -How are they defined? 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 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 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-4: -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-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.