Economics (NTSE/Olympiad)  

1. Development

How different countries are compared Salary

How different countries are compared
National Income : The total volume of all the goods and services produced within a country plus income coming from abroad.
Per capita Income : When the total National Income is divided by the total population, it is called per capita income.
World Bank has given the following criteria in classifying countries.
Countries with per capita income of $ 10, 066 per annum and above in 2004 are called rich countries and those with per capita income of $ 825 or less are called low income countries.
India comes in the category of low-income countries because its per capita income in 2004 was just $ 620 per annum.

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