Why is total income a useful criterion for comparison economic development between countries? Write three points.
Answers
Answer:
For comparing the developmental level of different countries, their income is considered to be one of the most important attributes. The countries with higher income are more developed than others with less income. For comparison between countries, we consider the per capita income of each country. In World Development Report, countries are recognised as rich country and low-income country according to their per capita Income. With more income, people Will be able to get more things they need. So, greater income itself is considered to be an important criterion for the development of a country.
Explanation:
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Answer:
For comparing countries total income can't be used as a source. Because it doesn't help us understand and Know the actual distribution of income . However income is not only the source which is needed to say a country is developed. Per capita is considered as an important criteria for comparing development of countries but it is not only the factor . hope this will help