Which one of the following is the correct meaning of ‘Average Income’?
Question
Which one of the following is the correct meaning of ‘Average Income’?
Solution
Average income refers to the amount of income earned per person in a certain area, such as a city or country, within a specified time period. It is calculated by dividing the total income of a population by the number of people in that population. For example, if the total income of a country is 2,000. This measure is often used in economics and policy making to assess the economic prosperity of a population.
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