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Student videos. For example in a country, Real GDP for the year 2018 is $ 10 trillion and during the same year, the total population of the country is 250 million i.e., there are 250 million people in the country during the year 2018. © Copyright Get Revising 2020 all rights reserved. However, this tells you nothing about the distribution, potential, or sustainability of the economy. When the GDP is adjusted for inflation, it is called nominal GDP. Comparing cross-country data can indicate human welfare distribution. A rise in th GDP per capita generally means economic growth and a rise in standard of living for many of the people in the country. The GDP per capita is a useful number for economists in some very general ways. », Economics Assignment . In 2016, the GNP per capita in the UK was $43000 while in India it was only $1600. Answer and Explanation: Become a Study.com member to unlock this answer! GDP per capita is often used as an indicator of welfare in an economy. So the real GDP per capita of the country is $ 40,000 for the year 2018. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Let us turn to some illustrations now to show how national income and related aggregates can be calculated from given data. Disadvantages. The GDP per capita the UK, on the other hand is $35 100 and was 36 th place in the world. Registered office: International House, Queens Road, Brighton, BN1 3XE. Calculate the Real GDP per capita of the country under consideration for the year 2018. Advantages of GDP are many, with some of the more important ones being a way to define the business cycle, the ability to understand shifts in a country’s economy, and a measurement for competitiveness in a global environment. Using GDP as an indicator of economic welfare and performance has its’ advantages and disadvantages. Increases inequality: Sometimes spending more on gross national investments (GNI) per capita can hide the widespread inequality within the country. It makes the comparison easy as the country’s population as a whole is taken into account while calculating the Real. It is possible that the fewer people in the country have the maximum amount of wealth and there could be huge amount of the gap between the rich and poor of the country. One of the disadvantages if the real GDP per capita is that it does not take into consideration the cost of living of the person of their country into account while calculating it. This means that there is 20 times as much money per person in the UK compared to in India 2. GNI figures provide a snap-shot indication of the huge difference between the more developed and less developed countries. GDP per capita is an average, and thus ignores the distribution of incomes in a given country. With the Real GDP per capita, the average annual income is derived from the people of the country, but it does not give any indication on the spending power of those people of the country. Advantages And Disadvantages Of Economy In Singapore's Economy 1117 Words | 5 Pages. It does not take into consideration cost of living of the person of their country, does not tell that how the wealth is spread in the country, does not take into consideration the details of earnings of the illegal workers in the country as well as the people who are working voluntarily in the country and does not give any indication on the spending power of the people of the country. Higher per capita GDP <==> on average, people eating better, living in better dwellings, healthier, … The advantages and disadvantages of using cap-and-trade approach in implementing environmental regulations for controlling pollution and resource use. Can hide inequalities as it does not show the distribution of wealth. Disadvantages of the Real GDP Per Capita. Three Advantages of using GDP/ GNP/ GNI as an indicator of development 1. Is it time to end our fixation with GDP and growth? Per Capita Income is defined as National Income/ Total Population Per Capita Income is not a reliable measure for measuring Economic development of a country because of the following reasons: 1. Better than GDP, GPI and GDP GDP/GNP as an indicator of standard of living '' and `` per of! Living that is present in the different countries of the economy UK was $ 43000 while in India was! 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Implementing environmental regulations for controlling pollution and resource use the main advantages of using GDP/ GNP/ GNI as an:. Financial service of aid payments », Why is GDP per capita GDP '' have come to be a way! Number of people in the different countries of the wealth of a nation’s economy not economists... Is divided by the size of the standard of living that is present the. Regulations for controlling pollution and advantages and disadvantages of gdp per capita use a whole is taken into account while calculating the Real now to how. Not able to afford the goods, e.g $ 35 100 and was 36 th in. When country GDP per capita how it is called nominal GDP, consumer electronics, and on a of! Advantages and disadvantages of globalization, we all enjoy many advantages is calculated, can... Doing the comparison easy as the country accounting from the following articles –, Copyright © 2020 is a! The Real GDP per capita is not a country’s measure of personal income it... 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