Question

Economics --> What is Development ? Why do different person have different notions of development? what is an average income/ per capita income?

Answer 1

Roughly we can say 'development' is the status of positive alter from earlier positions. All people have different notions of development because all a person one might wants are not exactly the needs of others. For example a worker may wants better wages but the job giver not want to increase wages of worker.
Average income/per capita income is the income of a nation given by :total income of a nation divided by total population.

Answer 2

Answer:

1. What is per capita income? How it is calculated?

Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city.

It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.

2. What do mean by the term development? How different groups have different notions of development?

Development is a process that ensures good quality of life to all the people in terms of happiness, harmony and satisfaction of essential needs. It is related to improvement, progress and aspirations of people. This definition of development would benefit all the sections of society as it shows the basic need approach.

Different persons have different notions of development because life scenarios of persons are different. Some persons are poor and some are rich. They think about those things which are most important to them. Poor person will think about his basic needs such as food, clothing and shelter.