Explain the role of per capita income and economic welfare as indicators of development
Answers
Per capita income shows the average amount of money earned per person and the economic welfare is a measure of how well people are doing. The pivotal role these two factors have in development is that they determine the motivation, drive and capability the citizens of a given country will have towards contributing to the development of a nation.
If the economic state of individuals is very poor and they are underpaid, very few people may have ability to put up businesses or pursue education. This will definitely lead to a people with no capability of contributing positively towards development. However, when people are more economically empowered, they will have the means to increase their innovations and even pursue education which is a key element in the development of a country.
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