Define average income.
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Answer:
Per capita income or average income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population. Per capita income is national income divided by population size.
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Average income defines income earned by a person by specific place and specific year.
Explanation:
- Average income also called as per capita income.
- It is calculated by the total income of the country divided by total population of the country.
- It is the indicator of the country's development level.
- It is the measure of standard of living of the population in the country.
- Prosperity of people in a country also measured by per capita income.
- Average income is how much amount of money was earned by a person in a particular area (region, country or city) in a particular period of time.
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