Question

class 10 economics chapter 1 question/answer

Answer 1

Per capita income or average income is the main criterion used by the world bank to classify different countries as developed or high income countries and underdeveloped or low income countries.

The per capita income is calculated by dividing the total income of a country by its population.According to the World Development Report,countries with per capita income of US$ 12236 per annum or more are termed rich or developed or high income countries.On the other hand, countries with per capita income of US$ 1005 or less are classified as poor or undeveloped countries.