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Chapter 7: Q.15 (page 186)

How is GDP per capita calculated differently from labor productivity?

Short Answer

Expert verified

For calculating GDP per capita from the labor productivity method used is GDP divided by the total number of workers.

Step by step solution

01

Definition

GDP per capita is the per capita value of the total output produced in an economy.

02

Explanation

When the total GDP of an economy is divided by the total population present in that economy then it shows the GDP per capita of the economy attained in a given period.

The labor productivity is calculated by dividing the total output by total number of workers. Another method of calculating labor productivity is taking the ratio of total output produced and total labor hours employed.

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