Question

1. What is Per Capita income ? How is it calculated ? Why is Per Capita Income not an indicator of Economic development of a country ?

Answer 1

Answer:

per capita income is known as average income.It measures a country's standard of living and is easily calculated from GDP and population estimates, and produces a useful statistic for comparison. It is calculated by dividing the total income(National Income) of the country by its total population. No, it cannot be regarded as the sole indicator of economic development of a country. Four arguments in support are as follows - 1) This method only covers economic factors and ignore developmental factors such as Infant mortality rate, literacy rate, gender equality and so on. 2) This method doesn't show proper distribution of income in the society. 3) It hides disparities, because some may be very rich but the masses may be poor. 4) It doesn't show proper age demographics. For example - In a country where young and old people are there, they don't contribute.But are also included in total population and that is why per capita income decreases and gives inaccurate result. For remaining queries we request you to post in separate threads in order to get rapid assistance from our experts. Hope it helps. Regards

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