Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 16, Problem 1E
To determine
Determine the growth of per capita
Expert Solution & Answer
Explanation of Solution
Economic growth is estimated by the increase in real Gross Domestic Product, Increase in real Gross Domestic Product in turn increase the consumption power of that economy.
As both are important parameters to estimate the growth of an economy but when it comes to determining the standard living of the individuals we need to consider population. As Gross Domestic Per Capita is an important indicator of economic performance. If the Gross Domestic Product exceeds the population growth rate than there is a rise in living standards.
Economics Concept Introduction
Concept Introduction:
Growth Domestic Product per capita measures the total output of a country that accounts for its people. It is calculated by dividing the Gross Domestic Product with number of people
Real Gross Domestic Product measures the total output of an economy that value of all goods and services in a year
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