1. What is per capita income? Write its two limitations
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Answer:
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.
Explanation:
PER capita income is calculated on the total income of a country divided by its total population. Money cannot buy all the goods and services that are needed to live well. So, income by itself is not completely adequate indicator of material goods and services that citizens are able to use.
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