Child's Economics Question

[Chase]

I was telling my kid about GDP per capita.

Then he asked me, GDP per capita, refers to all individuals (population) in the country, including students, babies, retirees
OR
refers to average of the working population?

 

[Chase]

Singapore's GDP per capital is about $80000.
If it refers to all individuals, including students, babies and retirees

For a family of four with one working daddy,
The father must clock $320,000 annual income, or $26000 per month, just to be near national average?

 

[sweetiepie]

Singapore's GDP per capital is about $80000.
If it refers to all individuals, including students, babies and retirees

For a family of four with one working daddy,
The father must clock $320,000 annual income, or $26000 per month, just to be near national average?

My uncle think gdp per capita means $x divided by sg population. 80k is for the high ses group while low ses maybe onlee 8k which means based on current sg gdp most sinkies jiak sai

 

[nightsafari]

I was telling my kid about GDP per capita.

Then he asked me, GDP per capita, refers to all individuals (population) in the country, including students, babies, retirees
OR
refers to average of the working population?

it refers to total population.

 

[nightsafari]

Singapore's GDP per capital is about $80000.
If it refers to all individuals, including students, babies and retirees

For a family of four with one working daddy,
The father must clock $320,000 annual income, or $26000 per month, just to be near national average?

it's not income. it's the total value of goods and services produced. total output from the economy.

The distinction is confused because GDP per capita is commonly used as a proxy measure of prosperity of a country and it's people. It is easily taken to mean income per person but it is not. As above, it is total value of goods and services produced. i.e. in one year you managed to create $320,000 worth of stuff for sale per your calculation.

So next question I assume is why the hell did you not see $320,000 income last year? Taxes for one. Maybe there are more, but of the top of my head, taxes is the 1st thing that comes to mind.

Another probable question is why then don't they normally capture this per capita income figure? My guess is that gahmens like to keep you in the dark about how much money they take from you...

 

[Patriotmissile]

Per capita means population number. It includes all forms and ages of human in the country.