14. What is meant by development? What is the most common indicator used to
compare the levels of development of different countries? Explain three
demerits of using this indicator solely as a measure of development.
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an event constituting a new stage in a changing situation.
Per capita income- Per capita income is the income when a country's “total gross domestic product” is divided by the population of that country's mid-term (July 1) year. It gives us monetary information about the average income received by residents of that country. Calculation of “per capita income” is very important in order to calculate a country’s growth. “Per capita income” is used to estimate the property of the people of a single country, compared to any other country. Usually this is measured in any valid “international currency” such as euro or dollar.
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