Principles of Macroeconomics / Unit 16 MAC 1504 short lesson, about 20 seconds
Size Is Not Standard of Living
Captions available
The idea
A country's total output and its output per person answer different questions. A very large economy can sit in a middle tier, because the total is divided by a very large population.
In practice
Total output measures weight in the world; output per person measures how people live.
Where people slip
Neither measures health, education, safety or rights, and no country scores well on everything.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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