Indicators Of Development: Economics Class 10 Chapter 1

In this blog, let us learn about indicators of development. The development of a nation or country depends upon many factors. Let us learn about some factors and indicators that indicate the development in a country.

The Income Factor

There is no denying the fact that income is an important factor that contributes to development. We all want regular service, decent pay, good earning, etc. In short, all want more regular sources of income. In addition to more income, most people seek other things like Freedom, Equality of Treatment, Security of Life, and Health and Educational Facilities. However, it should be noted that

Money can provide us material things but the quality of life also depends on so many other factors. Proper education of children and safety are some of the factors that are more important to people than income. Thus development goals before people are not only related to income but also certain other important things in life.

Quantity and quality go hand in hand and both amount to real development or human development. Let us understand about per capita income.

What is the Per Capita Income?

The total income of a country is the income of all the residents of the country. However, scholars feel that the total income is not a useful measure because it does not reflect the true standard of the people. The true criterion is the average income of the people.

The average income is the total income of the country divided by the total population. It truly -reflects the standard of the people. This average income is also called the per capita income. It must be mentioned here that the per capita income of different countries is measured in U.S. dollars and not in their own currencies by the World Bank because this method facilitates the comparison of per capita incomes of different countries quite easier and possible.

Read More: How To Compare Different Countries Or States? Economics Class 10

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