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1) What do you mean by per-capita income ? 2) Define money |
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Answer» Per capita income or average income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population Totalnational income(GDP) divided by totalpopulation. It is not theaverageincome(because it includes children and non-working population) but serves as anindicatorof a country's living standards 2)Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context |
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