Definition
Indicator
Indicator is a metric to measure the level of a concept.
- Single Indicators, includes measures such as:
- GDP/GNI per capita at PPP
- Health Indicators
- Education Indicators
- Energy Indicators
- Environmental Indicators
GDP/GNI per capita at PPP
- While in a lesser developed country a person might earn a wage less than a person in a more developed country, this might not fully represent their standard of living, because:
- Different countries have different prices.
- Lesser developed countries typically have lower prices.
- More developed countries typically have higher prices.
- As a result, we need to consider purchasing power parity (PPP), as the person with the high wage living in a developed country might not have as much purchasing power as the person with a lower wage living in a less developed country.
- GDP/GNI per capita at PPP adjusts a country's income per person to account for differences in living costs across countries, offering a more accurate comparison of economic well-being.
