what do you mean by per capita income of a country
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Answer:
It is the average income of each person of the country at a given period of time.
it is calculated by dividing the total income by total population of the country.
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Hi!
Per Capita Income refers to the average income earned per person in a given area in a specified year. It is used for comparison between countries. Countries can not be compared based on total income as different countries have different population. Per Capita Income is hence used.
Per Capita Income: Total income/Total Population
THx!
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