What do you mean by Average Income
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Average income is also called as per capita incomes. It measures the money earned or unearned [average income] per person in an given area [city,region,country,etc] in a specified year. It is calculated by dividing the total income of a country by its total population.
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Explanation:
Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population.
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