In comparing the economies of two nations, economists frequently use per capita GDP figures. (a) Why is per capita GDP rather than total GDP used? (b) What other indicators are important in comparing economies?
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A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country. The per ca pita GDP is especially useful when comparing one country to another because it shows the relative performance of the countries. A rise in per ca pita GDP signals growth in the economy and tends to translate as an increase in productivity.
1.)cost of living
2.)rate of unemployment
3.)cost of labour
5.)average debt per person
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