| Indicator | Definition | Status in Developing Nations |
|---|---|---|
| Gross Domestic Product (GDP) | Total market value of final goods and services produced within a country in a year | Low and dominated by primary agricultural commodities |
| Gross National Product (GNP) | Total value of goods and services produced in a year including income from abroad | Low and dependent on primary commodity exports |
| Per-Capita Income | Total national income divided by total population size | Low due to non-diversified primary economies and large populations |
| Standard of Living | Level of income, comforts, and services available to a society | Low with widespread poverty and inadequate health, water, and schooling |
When you use it
Use to define and contrast standard measures of economic performance and human living standards.
Watch out
Per capita income is calculated by dividing national income by total population, not by the size of the labor force alone.
Drafted from Grade 12 Geography, pages 92-123, then checked twice before it went up
