What does "per capita" mean? (e.g., GDP per capita)
Answer (2)
Per Capita Income is referred to as the income earned by each person in any economic community. It is the average income earned per person in that economy. For eg. Per capita GDP income of a country may be calculated by summarizing the market value of all the gross products and services produced in a country divided by the total population of that country, country being the economic unit concerned.
Per capita means "per person" and is used in economic measures to provide an average calculation for individuals in a population, such as GDP per capita. It is calculated by dividing the total economic output by the population size, making it useful for comparing different countries or regions. However, it may not reflect income distribution and can mask inequality among the population.
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