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Economic welfare
Interpreting GDP per Capita as a Measure of Standard of Living
December 2, 2023
How does GDP per capita reflect the standard of living in a country?
GDP per capita reflects the average income per person in a country and is often correlated with the standard of living. Higher GDP per capita generally indicates a higher standard of living, implying greater access to goods, services, and resources for individuals within that country.
Tags : GDP per Capita , Standard of Living , Economic Welfare