Question

Short explanation Why is GDP per capita used?

Answer 1

GDP per capita is used as an economic indicator to assess the average economic output per person in a specific area, typically a country. It provides a useful measure for comparing the economic performance and living standards of different regions or countries, as it accounts for population size. By expressing GDP on a per-person basis, it allows for a more nuanced understanding of economic health and individual prosperity, helping policymakers, researchers, and economists gauge economic development and make informed decisions.