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 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.
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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