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Answer to Question #31230 in Macroeconomics for meera pothunnah

Question #31230
the usefulness of gross domestic product per capita statistics
Expert's answer
No less important than and, at the same time, more fully reflecting the standard of living in a particular country in the world compared to GDP is
Gross Domestic Product calculated Per Capita. This indicator is calculated as
the ratio of GDP to the total population of the country, and shows how much of
GDP produced in the country annualy and expressed in value terms, accounted for
1 citizen of that country. This indicator is used primarily to determine the
standard of living in a particular country.

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