Why is GDP per capita used as an estimate of the average standard of living in a country? (Answer in 2-3 lines)
1 answer
GDP per capita is used as an estimate of the average standard of living in a country because it measures the total economic output of a country divided by its population, providing a rough estimate of how much each individual contributes to the country's economy. This means that it can give an idea of how much wealth and income each person has on average, which is a key factor in determining the standard of living.