Question

In a short paragraph, explain what GDP measures and why GDP per capita is such an important way to measure a country’s level of development. Why are countries with high GDPs usually considered more developed?

Answer 1

Answer:

In business, Gross Domestic Product (GDP) can be described as a measure of the output or production of an economy.

GDP per capita can be described as the measure of the economic output of a country. It is a way to measure a country's standard of living. Countries with high GDP make more product and have more market value, hence they will be more developed than the other countries as their output would be better than other countries. Their goods will be better sold at national as well as international levels.

Answer 2

Answer:

A country’s gross domestic product (GDP) is a measure of its economic output. Countries with higher GDPs produce more valuable goods and services each year. When a country has a higher GDP per capita, its citizens are often wealthier and have more resources. A country with a high GDP is more likely to have social services and higher standards of living. Countries with lower GDPs are more likely to be lacking important social services. Their citizens are more likely to live in poverty.

Explanation: