Economics Real Vs Nominal Gdp Questions
GDP (Gross Domestic Product) per capita measures the average economic output per person within a specific country's borders, regardless of the nationality of the individuals involved. On the other hand, GNP (Gross National Product) per capita measures the average economic output per person of a country's residents, regardless of their location. The main difference between the two is that GDP per capita focuses on the economic activity within a country's borders, while GNP per capita takes into account the economic activity of a country's residents regardless of where it occurs.