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Per Capita Income (PCI)

The average income of an individual of a country in a year is called per capita income.
It is calculated by dividing GDP with its total population. The PCI is calculated in
US$ (dollars) to measure the economic development and Human Development Index
PCI is not enough to measure HDI of a country. The other factors like life expectancy
and literacy rate is also equally important

PCI can be expressed mathematically as:
GDP
PCI =
Total Population
Types of Countries in the World based on their Economic

Development

There are three types of countries in the world as stated by the World Bank. They are
developed, developing and least developed countries but broadly it is categorized into
two major groups. They are Developed and Developing countries.

Developed Countries

The countries which are being developed at a rapid pace, gaining high standard of
living, high literacy rate and very high average life expectancy is known as Developed
countries. Some of the examples of developed countries are the USA, Canada, Finland,
Germany, Italy, etc.

Dynamic Social Studies - Book IX 36