GDP measures the total value of all final goods and services produced in a country, but GDP per capita (Y/N) is the correct metric for assessing living standards, as a large economy does not necessarily mean a wealthy economy.
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Big Economy ≠ Rich Economy — GDP Per Capita #Shorts本站添加:
What is GDP? The value of all final goods and services produced in a country in a given year. But total GDP isn't the right number. China's GDP is huge. Per capita, it's still middle income. The number that actually tells you about living standards is GDP per capita. Y divided by N. Big economy doesn't mean rich economy.
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