GDP per capita is a crucial measure for assessing the standard of living in an economy, aiding in comparisons and understanding economic disparities.
GDP per capita is used in measuring standard of living for individuals in the economy because it provides an average well-being indicator for a country's population. It helps compare countries of varying population sizes and aids in understanding economic disparities. Most international migrations involve people moving from low GDP per capita countries to high GDP per capita countries, illustrating its impact on standard of living.
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