Q. 43.7( 3 Votes )
Explain the concept of per capita income.
1. Per capita income is the average income earned by a person in a particular city/ area or country in one financial year.
2. It is used as a means to measure the quality of life in an area.
3. It is calculated by dividing the total national income of a country by the total number of people living in that country.
4. It is reported in terms of a unit of currency, usually a widely known international currency like Euro or Dollar.
5. It reflects the gross national product of the country.
6. It is used as a measure to compare the wealth among countries.
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