Why average income is an important criterion for development
Asked by admin @ in Social Sciences viewed by 301 People
Why do you think average income is an important criterion for development explain
Answered by admin @
Average income is an important criterion for development because:
Average income tells us about the total income of the country divided by total population of the country.
Average income ,also known as per capita income ,tells us about the actual earning of an individual.
By knowing average income of the country,we can estimate the living standards and the savings that the individual could make .
Average income is a good criterion than Total income ,to know actual income of the country.
World Bank ,also uses per capita income to measure countries.
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