Answer:
Gross domestic product (GDP)measures the total output of an entire economy by adding up total consumption, investment, government expenditure, and net exports. GDP is therefore considered a quality approximation of income for an entire economy in a given period.
Per capita GDP is calculated by dividing total GDP by a country's population, and this figure is frequently cited when assessing the standard of living. There are a number of adjustments to GDP used by economists to improve the explanatory power of the statistic, and economists have also developed a number of alternative metrics to measure the standard of living.
Explanation:
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