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Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.
Per capita income: total resources/total population.
Per capita income is often used as average income, a measure of the wealth of the population of a nation, particularly in comparison to other nations. Per capita income is often used to measure a country's standard of living. It is usually expressed in terms of a commonly used international currency such as the Euro or United States dollar, and is useful because it is widely known, easily calculated from readily-available GDP and population estimates, and produces a useful statistic for comparison of wealth between sovereign territories. This helps the country to know their development status.
Critics claim that per capita income has several weaknesses as an accurate measurement of prosperity:
Monetary policy, World Bank, Keynesian economics, Milton Friedman, Economics
Education, Economics, Society, Adam Smith, Basic income
African American, Median household income, Hispanic and Latino Americans, Asian American, Demographics of the United States
Central African Republic, Cotton, Agriculture, Diamond, Gold
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