What is another term for Per Capita Income?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. Average Income.
Another term for Per Capita Income is 'Average Income.' It represents the average earnings of each individual in a given area, calculated by dividing the total income of the area by its population. This metric is often used to compare the economic well-being of different regions or countries, providing an insight into the standard of living and economic health. Average Income is a key indicator in economic analysis and policy-making.