What is Per Capita Income? Explain its importance. |
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Ans : Per Capita Income is the average income of the people of a country during a year. It can be calculated as:
The per capital income of is usually expressed in terms of international currency, usually U.S dollar.
# Importance of Per Capita Income
a) It measures the standard of living and prosperity of the people of a country.
b) It is used as an indicator of economic development.
c) It is used in policy making and development planning.
d) It is useful in international comparison of standard of living.
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