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What is the difference between GDP and GDP per capita? When and why would an economics...

What is the difference between GDP and GDP per capita? When and why would an economics what to use GDP vs GDP per a capita.

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Answer #1

Gross domestic product is a monetary measure of the market value of all final goods and services produced over a period of time.

Per capita GDP is a measure of the total output of a country that takes the gross domestic product and divides it by the number of people in the country.

GDP is used to measure the total output produced in a country and GDP per capita is calculated to see how well off the citizens are economically. Thus, one is a measure of economic well-being and another of total output.

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