N a short paragraph, explain what GDP measures and why GDP per capita is such an important way to measure a country’s level of development. Why are countries with high GDPs usually considered more developed?

GDP (gross domestic products) measures the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. GDP functions as a comprehensive scorecard of the country’s economic health. GDP per capita can be described as the measure of the economic output of a country. It is a way to measure a country's standard of living. Countries with high GDP make more product and have more market value, hence they will be more developed than the other countries as their output would be better than other countries. Their goods will be better sold at national as well as international levels.

Explanation:

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