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[1] [2] GDP per capita is an approximate indicator of average living standards, for individual prosperity. [3] Therefore, whether population decline has a positive or negative economic impact on a country's citizens depends on the rate of growth of GDP per capita, or alternatively, GDP growth relative to the rate of decline in the population. [1]
GDP per capita measures (like aggregate GDP measures) do not account for income distribution (and tend to overstate the average income per capita). For example, South Africa during apartheid ranked high in terms of GDP per capita, but the benefits of this immense wealth and income were not shared equally among its citizens. [ 78 ]
Gross domestic product, or GDP, represents the total value of all goods and services produced within a country during one year. Depending on the report, one year can be either one fiscal year or ...
Unemployment rates account for people of working age that do not have a job. Unemployment rates are important due to the differences in policies taken from each political party. However, Job creation and unemployment are affected by many factors such as economic conditions, global competition, education, automation, and demographics, and global ...
How the health of the economy is measured, and why the GDP calculation matters.
However, experts explain that in reality, the sitting president doesn’t have as much impact on the economy as people may assume. Check Out: How President-Elect Trump’s Win Could Impact Grocery ...
The United States has one of the widest rich-poor gaps of any high-income nation today, and that gap continues to grow. [52] Some prominent economists have warned that the widening rich-poor gap in the U.S. population is a problem that could undermine and destabilize the country's economy and standard of living.
The income considered in the two lines is different as well; the GDP figure includes all income (derived from labor and capital) while the median income figure includes only a subset of income (wages/salaries but not benefits). [97] Labor's share of GDP declined by 4.5 percentage points from 1970 to 2016, measured based on total compensation.