Use an example to explain why economists measure a country’s economic development by its GDP per capita rather than its total GDP.

Economists use real GDP per capita rather than simply real GDP. This is because population growth is an important variable (per capita), and so, real GDP per capita is the more accurate measurement of the GDP.

Explanation:

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VidyaaTech2022 VidyaaTech2022 · Answer 2 · 2022-07-20T08:11:59+02:00

The economic development measured by the economists from the GDP per capita instead of overall GDP because GDP per capita signifies accurate standard of living than actual GDP.

What is GDP?

GDP is an abbreviated form of Gross Domestic Product and determined the worth of saleable goods and services being manufactured in a country.

GDP per capita enabled the economist to know how much money is being allocated to every individual in a country. It is computed by dividing the Actual GDP of country by the number of citizens living in that country.

Therefore, the GDP at per capita is more accurate indicator of deriving the economic development.

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