Question

What is gross domestic product and per capital income?

Answer 1

Answer:

Gross Domestic Product (GDP): GDP is the final value goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

Per Capita Income: total national income (GDP) divided by total population. It is not the average income(because it includes children and non- working population) but serves as an indicator of a country's living standards.