Can you explain GDP per capita and its significance in measuring a country's economic well-being?

Answer 1

GDP per capita is a measure of a country's economic output per person. It is calculated by dividing the country's Gross Domestic Product (GDP) by its population. This metric is important because it provides insight into the average standard of living in a country. A higher GDP per capita generally indicates a higher standard of living, as there is more wealth available to be distributed among the population. It is a key indicator used to compare the economic well-being of different countries.