GDP:-The total market value of all the goods and services produced within the borders of a nation during a specified period.
gross national productThe GDP of a nation together with any money earned from investment abroad, less the income earned within the nation by non-nationals. compare with GDP. GNP per capita is calculated as GNP/population and is usually expressed in US dollars. It may be used as an indicator of development. In the mid-1990s, a per capita GNP figure of $10000 would indicate a more developed country, while for a least developed nation, the figure would be around $600. GNP is an imperfect measurement of a nation's economy because certain forms of production, especially subsistence production, are not recorded.
Personal Income:-Personal income is also known as your "before-tax income" and is used in calculating an individual's adjusted gross income for income-tax purposes.
Per capita income means how much each individual receives, in monetary terms. It is the measure of the amount of money that each person earns in the country, of the yearly income generated in the country. This is what each citizen is to receive if the yearly national income is divided equally among everyone. Per capita income is usually reported in units of currency per year. When comparing nations per capita income reflects gross national product per person, but it is also used to compare municipalities within nations. When determining the per capita income of a community, the total personal income is divided by the population.
Per capita income as a measure of wealth
Per capita income is often used as a measure of the wealth of the population of a nation, particularly when comparing countries with substantially different levels of wealth, however, it has several weaknesses as a measurement.
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