In 2019, GDP in Switzerland was $703 billion and GDP in the United States was $21.4 trillion. Does this indicate that the standard of living in Switzerland must be well below that of the United States? Switzerland has a population of 8.5 million people, while the United States has a population of 328 million people. How could you better scale the numbers to compare their standards of living?

Learning Objective 9.2 Analyze GDP as a measure of total spending, output, and income.