Question

Different between national income and per capita income

Answer 1

Different between national income and per capita income:

• National Income: Is the total value a country's final output of all new goods and services produced in one year.
• Per capita Income: When the total National Income is divided by the total population. It is called Per capita Income. It is the average income of an average person in that country.  

• National income takes into account all goods and services produced within the territory of the country. However, the per capita income is estimating the average income of an individual.
• Both the methods are insufficient in determining the actual income of every individual in the country and neglecting the income gap.

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