If you had a choice between living in a country with HIGH GDP per capita but NO growth, OR, a country where GDP per capita was LOWER but there was rapid growth, where would you choose to live? Please explain. Feel free to make assumptions
If you had a choice between living in a country with HIGH
GDP per capita refers to "output per person". This means it helps to determine the country's economy output per person during a year. This is calculated as:
GDP per capita= GDP ÷ Total population.
Now, a higher GDP per capita implies a high standard of living which leads to better access to basic necessity and facilities whereas a low GDP per capita implies a lower standard of living which leads to not better access to basic necessity and facilities.
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