GDP Per Capita

GDP per capita is the value of final goods producted (GDP) divided by the total population.GDP per capita or average GDP is a fundamental measure of a coutry’s economic well-being.
At the top of the income ladder are developed countries called the industrially advanced countries (IACs) which are high-income nations that have market economies based on large stocks of technologically advanced acpital and well-educated labor. Countries of the world other than IACs are classifiedas underdeveloped or less-developed countries (LDCs). Less-developed countries are nations without large stocks of technologically advanced capital and well-educated labor. Their economies are bases on agriculture, as in most countries of Africa, Asia included Vietnam,

Economic growth is the ability of an economy to produce greater levels of output, represented by an outward shift of its production possibilities curve (PPC). Thus, economic growth is defined on a quantitative basis using the percentage change in GDP per Capita. When a nation’s GDP rises more rapidly than its population, GDP per capita rises, and the nation experiences economic growth. Conversely, if GDP expand less the the population of a nation, GDP per capita falls, and the nation experiences negative economic growth.
Economic development is a broader concept that is more qualitative in nature. Economic development encompasses improvement in the quality of life, including economic growth in the production of goods and services. In short, continuos economic growth is necessary for economic development, but economic growth is not the only consideration.
Economic growth and development involve a complex process that is determined by several interrelated factors. For example, like the performance of an soccer team, sucess depends on the effort of all team player, one or two weal players can greatly reduce overall performance. But there is no precise formula for winning. If the team has a player like Ronadol or Messi, it can win even with a few weak players. The remainder of this section examines the key factors, or players, that operate together to produce a nation’s economic well-being.