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 is the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population. Growth is calculated from constant price GDP data in local currency.

Detailed explanation-3: -The third is “per capita, ” which means “per person.” Real GDP is divided by the population of a country to calculate real GDP per capita. It’s the best way to compare economic indicators like GDP for countries with very different population sizes.

Detailed explanation-4: -Real GDP Per Capita = Nominal GDP/(1+ Deflator)/Population Where, Nominal GDP/Deflator will be Real GDP.

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.