define total income and what are its drawbacks?
Answers
Answered by
6
Answer:
It is calculated by dividing the area's totalincome by its total population. Two disadvantages of per capita income as an indicator of an economy's progress or status can be: Per capita income does not take into account the accumulated wealth of an individual.
Answered by
0
Answer:
total income is the total wealth of the country by all the citizens.
drawbacks:
1) it is not a useful criteria as different countries have different population so the total income may vary.
2) it doesn't tell what an average person is likely to earn.
Similar questions