What is per capita income?
Understand the Problem
The question is asking about the concept of per capita income, which generally refers to the average income earned per person in a given area in a specified year. It is typically used to gauge the economic performance of a region or to compare the economic prosperity between different regions or countries.
Answer
Average income per person in a region.
Per capita income is the average income earned per person in a specified geographic area within a specific timeframe.
Answer for screen readers
Per capita income is the average income earned per person in a specified geographic area within a specific timeframe.
More Information
Per capita income is often used to compare the economic well-being of different regions and as an indicator of standard of living.
Sources
- What Is Per Capita Income? Uses, Limitations, and Examples - investopedia.com
- Per capita income - Wikipedia - en.wikipedia.org
- Per Capita Income | Definition, Formula & Examples - Lesson - study.com
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