what is average income?mention its two limitation?
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PER capita income is calculated on the total income of a country divided by its total population. Money cannot buy all the goods and services that are needed to live well. So, income by itself is not completely adequate indicator of material goods and services that citizens are able to use.
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Answer:
The total income of all citizens of the country divided by the total population is known as per capita income or average income .
The limitations are :-
- National income raises but it's distribution makes the rich richer and poor more poor.
- it covers only economic except of life ignoring social aspects such as health , education etc.
Hope ! answer is helpful for you...
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