NURSING ANM AND GNM

Detailed explanation-1: -However, economists often make adjustments to GDP, such as using real GDP, or use alternative methods for determining the standard of living. Generally, rising global income translates to a higher standard of living, while diminishing global income causes the standard of living to decline.

Detailed explanation-2: -Economists use GDP per capita to determine how prosperous countries are based on their economic growth GDP per capita is calculated by dividing the GDP of a nation by its population. Countries with the higher GDP per capita tend to be those that are industrial, developed countries.

Detailed explanation-3: -Since real GDP measures the quantity of goods and services produced, it is common to use GDP per capita, that is real GDP divided by population, as a measure of economic welfare or standard of living in a nation.