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Determine the term- GDP per capita
GDP, being a flow, isn't a measure of the total wealth of a country though a measure of the "income" of country during a certain period of time. Sure, if GDP is high, it's quite likely that total wealth of the country is increasing over time (some wealth is lost to depreciation). So there is generally a connection between what we perceive as a "rich" country and a high GDP per capita.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time. If you are completely on top of the material delivered in class, the
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y explain whether you agree or disagree with the following statements. “If nominal GDP is less than real GDP, then the price level must have fallen during the year.”
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