Define per capita income.

Dear Student,

Per capita income, which is also called as income per person, is the mean income of the people in an economic unit such as a country or a state or a city. Per capita income is often referred and used as average income, a coherent measure of the wealth of the population of a country, particularly used in comparison with other countries. The per capita income of a country is calculated by dividing the total income of a country to the total population of a country.

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