Explain the only way it is mathematically possible for average income in a society to grow...
Explain the only way it is mathematically possible for average income in a society to grow over time.
Homework Answers
Average income in a society = Total income / Total population in the society
A reasonable assumption is that over a period of time the total population in the society will grow. Hence for the average income to grow, it is required that the total income grows at a rate higher than the growth rate of the population.
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