State the difference between per capita income/average income and total income.

Answers (1)

Per capita income is a measure of the amount of money earned per person in a nation or geographic region. Per capita income can be used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population.
The total income of a country or Gross National Income (GNI) is the total domestic and foreign income claimed by residents of a country. The average income of a country or per capita income is the total income of the country divided by its total population. Thus, while total income is an absolute measure for the size of the economy in a country, average income is the average which provides the development level of the said economy.

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