Question

if gdp for barbados is $260 million in 2005 and its population is 260, GDP per capita is

Answer 1

Concept Introduction:

The gross domestic product is divided by the midyear population to get GDP per capita. GDP at buyer's prices is calculated as the total of all resident producers' gross value added, plus any applicable product taxes, less any subsidies not reflected in the price of the goods.

Given, GDP for Barbados is $$260$  in $2005$ and its population is $260$ million.

To find, GDP per capita.

Solution:

GDP per year capita= GDP of the country/Population of the country

$= 260/260000$

$=0.001$

Final Answer:

The GDP per capita is $0.001$

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Answer 2

Answer:

$ 1000000

Step-by-step explanation:

Given, GDP for Barbados is $260 MILLION  in 2005 and its population is  260.

GDP per capita = GDP/ POPULATION

Therefore,

GDP per capita = 260 million/260

                           = 260000000/260

                           = $ 1000000

• Gross domestic product per capita measures a country's economic output per capita and is calculated by dividing the country's GDP  by its population.
• It is a global measure  of national wealth and economists use it along with GDP to analyze national wealth based on  economic growth.
• It is often analyzed alongside GDP, allowing economists to monitor their country's productivity alongside other countries.
• An analysis of  global GDP per capita  provides insight into the prosperity and development of the global economy.
• Smaller, richer countries and more advanced industrialized countries tend to have the highest GDP per capita.

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