Per Capita Income refers to the average income earned per person in a specific geographic area or country, calculated by dividing the total income of a country or region by its total population. It is often used as an indicator of the standard of living and economic development of a country or region.
Per Capita Income is calculated by dividing the Gross Domestic Product (GDP) of a country by its total population. For example, if a country has a GDP of $1 trillion and a population of 100 million, the per capita income would be $10,000.
Per Capita Income is an important metric for measuring a country’s economic well-being, but it does not provide a complete picture of a country’s economy. Other factors, such as income inequality and the distribution of wealth, must also be taken into consideration when evaluating a country’s economic health.
