Why do we need average income

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Why do we need average income

Posted by Ravi Ranjan 6 years, 9 months ago

CBSE > Class 10 > Social Science

2 answers

S S 6 years, 9 months ago

We need average income of countries to know which country is rich. We calculate by the formula total income of country divided by total population it is also known as per capita income.

1Thank You

Mohammed Fahad 6 years, 9 months ago

For comparison between countries total income is not such in useful measure since countries we have different populations comparing total income will not tell us what an average person is likely to earn hence we compare the average income which is the total income of the country divided by its total population the average income is also called per capita income.

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