ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -At a basic interpretation, per-capita GDP shows how much economic production value can be attributed to each individual citizen. This also translates to a measure of overall national wealth since GDP market value per person also readily serves as a prosperity measure.

Detailed explanation-2: -GDP per capita, by design an indicator of the total income generated by economic activity in a country, is often used as a measure of people’s material well-being.

Detailed explanation-3: -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-4: -Real GDP per capita is a measurement of the total economic output of a country divided by the number of people and adjusted for inflation. It’s used to compare the standard of living between countries and over time. This economic indicator consists of the following three concepts.

Detailed explanation-5: -Macroeconomic output is usually measured by Gross Domestic Product (GDP) or one of the other national accounts. Economists interested in long-run increases in output study economic growth.