Question

what is the difference between per capita income and average income​

Answer 1

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Per capita income (PCI) 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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Average income is any statistic that describes how much money an individual, family, or household makes.

Answer 2

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GDP per capita can be used as a rough approximation of average income, but not median income as they're measuring two different things.


Average income is the sum total of allincome divided by the population.
Median income is the income that separates the upper half of the population from the lower half.



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