Q.Write a short note on Per Capita Income.

Per capita income is national income divided by population — the average income per person — and is used to compare living standards and development across countries. Per capita income measures the income that would be received by each person if the total national income were shared equally. - Formula: Per Capita Income = National Income / Total Population. - It is usually calculated for a year and can be measured at current prices (nominal) or constant prices (real). - A higher per capita income generally indicates a higher standard of living and a more developed economy. - Limitations: being an average, it hides inequalities in income distribution, and comparisons across countries are affected by price differences and exchange r …