Question

Hey..


what are the advantages and disadvantages of average income?​

Answer 1

The average income of a country shouldn't be the only factor taken into consideration in defining it's development status. One major disadvantage is that..in the process of looking at the income, basic factors like Infant Mortality Rate, Death Rate, Literacy Rate, Better health Facilities etc. are taken less into consideration.


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Answer 2

Answer:

Advantages:

1)Average income is an important criterion for development as it explains the per capita availability of goods and services.

2)It gives us some idea about rising standards of living

3)For comparison between countries total income is not very useful

4)Averages are used for better understanding.

5)Different countries have different population so total income will not tell what an average person is likely to earn.

Disadvantages :

1) Averages hides disparities .

2) Some may be very rich but the masses may be poor.

3)There is no equal distribution of income .

4)It doesn't tell us how income is distributed among people