How can you differentiate different countries or states?
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Q) How can you differentiate different countries or states?
Ans) We can differentiate in the following ways:-
Income is a key feature to compare countries.
Countries that have higher income are called developed countries and vice versa.
The income of a country is about the income of the citizens of that country.
National income: it is the sum of the total value of the country’s goods and services produced in a year. As every country has a different population rate, so National income cannot be considered to compare between different countries.
Per capita income: it is also called average income, defined as a country's total earnings divided by the whole population. It shows the living standard of the citizens of the country.
The average income of the country is the ratio of the overall income of the country to the overall population of the country.
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