what is per capita income
what is per capita income
Per capita income refers to the average income earned per person in a specific area, such as a country or region. It is calculated by dividing the total income generated in that area by the total population. Per capita income is often used as a measure of the average standard of living within a population. It helps economists and policymakers understand the distribution of income and wealth among the residents of a particular area and can be an indicator of economic development and prosperity.
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