ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP per capita is a measurement of the GDP per person in a country’s population. It indicates that the amount of output or income per person in an economy can indicate average productivity or average living standards.

Detailed explanation-2: -Measuring GDP. GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-3: -Gross domestic product (GDP) per capita is often used as the barometer when comparing labor productivity and the standard of living across countries.

Detailed explanation-4: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).