Flashcard Definition
An economic measure highlighting a nation’s economic output per person.
Block Type
Flashcard
The Fraser of Allander have a handy GDP guide to understand this concept in more detail.
A Guide to Scottish GDP | FAI
The size of Scotland's economy is frequently used as an indicator of how well Scotland does compared to the rest of the UK. GDP often features in the news, for example in the current climate, where both the UK and Scotland have officially entered a recession following two consecutive quarters of negative GDP growth .
fraserofallander.org
GDP per capita is a widely utilised indicator of economic performance and can be used as a broad measure for living standards, prosperity and economic wellbeing. However, this metric gives no indication as to how GDP is distributed.