1. What is meant by per capita income?
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Per capita income is a measure of the amount of money earned per person in a nation or geographic region. Per capita income can be used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population.
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Per capita means per person. It is a Latin term that translates to "by the head." It's commonly used in statistics, economics, and business to report an average per person. It tells you how a country, state, or city affects its residents.
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