Question

What is average income? What is its importance? mention its limitations related to development.

Answer 1

Answer:

Explanation:

average income is the total income of the country divided by its total population.it is also called per capita income

limitations:

Average of anythng doesnt reveals the entire picture so is the National income.

A person having an income of 1 lak per month and a person of having income of rs 10,000 per month gives an average of 55k.But did it told the entire situation of income.The ans is "NO".

In sum and substance, it doesnt tell about the level of economic desparity.

Average Income doesnt tell us about the "distribution of income in society".

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Answer 2

Average income is the total income of country divided by its total population. The average income is called per capita income also.