ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What Is Per Capita? Per capita is a Latin term that translates to “by head.” Per capita means the average per person and is often used in place of “per person” in statistical observances.

Detailed explanation-2: -Per Capita Income is a metric used to determine the amount of money earned per individual in a nation or geographical area. You’ll get PCI of a specific geographical location by dividing a population’s total income by that area’s population.

Detailed explanation-3: -Per capita is a Latin phrase meaning “by head.” It’s used to determine the average per person in a given measurement. For example, a common way in which per capita is used is to determine the gross domestic product (GDP) of a population per capita.

Detailed explanation-4: -Per capita income represents the average income of an individual in a country. It reflects the people’s standard of living and can be used to compare the economic conditions of various countries.

Detailed explanation-5: -GDP per capita is the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population.