Overview
GDP per capita is a crucial economic indicator that helps us understand the economic performance of a country relative to its population size. By dividing the total Gross Domestic Product by the number of people, we can gauge the average economic output per person, which is useful for comparing livi...
Key Terms
Example: The GDP of the USA was over $21 trillion in 2020.
Example: Per capita income is the average income earned per person in a given area.
Example: Economic output can be measured by GDP.
Example: The population of Canada is approximately 38 million.
Example: Income inequality can skew GDP per capita figures.
Example: Higher GDP per capita often correlates with a higher standard of living.
Related Topics
Economic Indicators
Measures that provide information about the economic performance of a country.
intermediateIncome Distribution
The way in which income is distributed among individuals in a society.
intermediateStandard of Living
A measure of the wealth and comfort available to a person or community.
beginnerKey Concepts
GDPPer CapitaEconomic OutputPopulation