Economics

• The government has the power to regulate prices, wages, and profits.
• Different categories of people have different developmental goals. A landless laborer yearns for more hours of work whilst a landowner wants to expand his farm
• What may be development for one, may be destructive for another
• People also seek things like equality, freedom, security and respect.
• average income is also called per capita income or PCI
• The world bank uses average income as a means to compare countries
• average income is useful but it does not show the income disparity between people, it may be concentrated in very small pocket of rich ppl
• Human Development Index - HDI measures human well-being by taking into account life expectancy, education and income.
• GDP stands for gross domestic product