Question

What are the merits of per capita income for comparing countries?

Answer 1

Per Capita Income :-

It helps us address issues like the quality of life and the living conditions we can expect for specific areas. It is calculated by dividing the total income of a specific city, state or a country by its population. This is used to compare the wealth of one population with those of the other.

Answer 2

Income per capita is a very useful tool to assess the wealth of a nation, especially when comparing to other nations. By using income per capita, we can compare the economic well being of an individual in the country or the living standards between countries or the living standards within country overtime.

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