FACTOID # 21: 15% of Army recruits from South Dakota are Native American, which is roughly the same percentage for female Army recruits in the state.
 
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Encyclopedia > Per capita income

Per capita income means how much each individual receives, in monetary terms, of the yearly income generated in their country. This is what each citizen is to receive if the yearly national income is divided equally among everyone. Per capita income is usually reported in units of currency per year. When comparing nations per capita income reflects gross national product per capita income, but it is also used to compare municipalities within nations. When determining the per capita income of a community, the total personal income is divided by the population. Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. ... Total Personal Income is the value most often used to calculate per capita income. ...


Per capita income as a measure of wealth

Per capita income is often used as a measure of the wealth of the population of a nation, particularly in comparison to other nations. It is usually expressed in terms of a commonly-used international currency such as the Euro or United States dollar, and is useful because it is widely known and produces a straightforward statistic for comparison. It is the average income a person in the country is earning. Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ... For other uses, see Euro (disambiguation). ... USD redirects here. ...


Particularly when comparing countries with substantially different levels of wealth, however, it has several weaknesses as a measurement.

  • Economic activity that does not result in monetary income, such as services provided within the family, or for barter, are usually not counted. The importance of these services will vary widely between different economies, both between countries and among different groups within a country. See: Informal economy
  • Per capita income gives no indication of the distribution of that income within the country, so a small wealthy class can increase the measured per-capita income far above that of the majority of the population. As for the per capita income of the majority of the population, using the median income or Amartya Sen's welfare function is the more appropriate approach. See: Income inequality metrics
  • Differing currency exchange rates between countries mean that a given amount of money (for example, one US dollar) has differing values in different places. See: Purchasing power

This article is about the statistical concept. ... Amartya Kumar Sen CH (Hon) (Bengali: Ômorto Kumar Shen) (born 3 November 1933), is an Indian economist, philosopher, and a winner of the Bank of Sweden Prize in Economic Sciences (Nobel Prize for Economics) in 1998, for his contributions to welfare economics for his work on famine, human development theory... A social welfare function, in welfare economics, is a function which gives a measure of the material welfare of society, given a number of economic variables as inputs. ... Income inequality metrics or income distribution metrics are techniques used by economists to measure the distribution of income among the participants in a particular economy, such as that of a specific country or of the world in general. ... Purchasing Power- the amount of value of a good/services compared to the amount paid. ...

See also

Total Personal Income is the value most often used to calculate per capita income. ... Map of countries by 2006 GDP (nominal) per capita (IMF, October 2007). ... World map of GDP (Nominal and PPP). ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... PPP of GDP for the countries of the world (2003). ... This article includes two lists of countries of the world[1] sorted by their gross domestic product (GDP) at purchasing power parity (PPP) per capita, the value of all final goods and services produced within a nation in a given year divided by the average population for the same year. ... The term credit can have several meanings in different contexts. ... PPP of GDP for the countries of the world (2003). ... Image File history File links Question_book-3. ...

  Results from FactBites:
 
BIGpedia - Per capita income - Encyclopedia and Dictionary Online (268 words)
The per capita income for an area may be defined as the total personal income in an area, divided by the number of people in that area.
Per capita income is often used as a measure of the wealth of the population of a nation, particularly in comparison to other nations.
Per capita income gives no indication of the distribution of that income within the country, so a small wealthy class can increase the measured per-capita income far above that of the majority of the population.
  More results at FactBites »

 
 

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