UK GDP per Capita Overview

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Questions and Answers

What does UK GDP per capita measure?

  • the total output of London's economy
  • the total output of the UK residents, divided by the number of the residents
  • the average disposable income of a UK resident
  • the total output of the UK's economy, divided by the country's population (correct)

Flashcards

Gross Domestic Product (GDP)

The overall value of all goods and services produced in a country within a specific time period.

What does GDP per capita measure?

GDP per capita is a measure of a country's economic output per person.

GDP per capita

The total economic output of a country divided by its population. It's a way to measure the average economic productivity of each person in the country.

Economic productivity per person

A measure of the average income per person in a country.

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GDP

A measure of the overall value of goods and services produced in a country.

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Gross National Product (GNP)

The value of all goods and services produced by a country's residents, regardless of location.

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Average economic output

A measure of the average economic output per person in a country.

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GDP, A measure of what?

It measures the total value of goods and services produced within a country's borders.

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Why is calculating GDP per capita important?

This calculation helps economists understand the overall economic performance and living standards of a country.

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What does GDP per capita reveal about a country?

It is a measure of a nation's economic health and the well-being of citizens.

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Study Notes

UK GDP per Capita

  • GDP per capita measures the total output of the UK economy, divided by the country's population.
  • It does not measure the total output of London's economy, the average disposable income of a UK resident, or the total output of UK residents divided by the number of residents.

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