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Chp. 7 - Production and Growth

Chp. 7 - Production and Growth - Chp 7 Production and...

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square4 the larger the value of real GDP per person, the more goods and services each member of the country can consume. Real GDP per person is a better measure of a nation's standard of living than total real GDP because two nations can have the same level of GDP, but very different standards of living due to differences in population. It is the dollar value of all goods and services produced within a country per person Real GDP per Person equals real GDP divided by the total population (Same with percentage change in real GDP per person) The percentage change in real GDP equals the change in real GDP between beginning year and ending year divided by the value of real GDP in the beginning year and then multiplied by 100. square4 Results in the amount produced per hour of labor. By producing more output per labor hour, a country can increase the amount of goods and services available per person.
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