Mr. ram has annual income of 10 lakh while Mr. Raj has annual income of 70 lakh, their average income has been computed at 40 lakh per annum. Do you think average income is a good representation of their actual annual income?
Answers
this kind of situation is called as wealth inequality and wealth inequality is not a good sign for our country because it just means that a few percent of the people on the top have more wealth than the the majority of the people on the bottom of the pyramid and it means that these few people are controlling the entire country, deal with this sort of situation education is is the only key because you don't want to bring down the people on the top you want to bring up the people that are on the bottom of the pyramid, this way everyone wins and with proper business education and dedication and a good workforce and a good amount of funding is all you need to create a really good company and if that happens and if a lot of the people on the bottom of the pyramid rise to the top of the pyramid this could mean that the bottom of the people at the bottom of the pyramid would also benefit because now they are getting jobs
no this is not a good representation of an actual economy this is a really bad example of the actual income