5. China has a higher GDP than Japan. However, Japan has a higher GDP/Capita than China....

5. China has a higher GDP than Japan. However, Japan has a higher GDP/Capita than China. Which of the two indicators represent a higher quality of life? Why?

Expert Solution

GDP per capita for Japan is higher than China. This means that quality of life is better in Japan as compared to China.Gross domestic product per capita is sometimes used to describe the standard of living of a population, with a higher GDP meaning a higher standard of living.

Economists measure standard of living using real output per person or what they call real GDP per capita. Real GDP per capita is the value of national output divided by the population. The formula for real GDP per capita is simply: real GDP / population.

Material things are a key element of economic well-being. A country that's able to produce more stuff with fewer resources is usually able to obtain other important things like food, shelter, clean water and freedom. In addition, people who live in countries with higher real GDP per capita tend to be more educated and live longer.

On the other hand Gross domestic product (GDP) is a strong indicator of a country’s economic performance and strength. It is measured by the added value of all final goods and services produced in a country during a specific time period or by adding every person’s income during that time period.

Rahul Sunny answered 1 year ago

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