Why is it that income by itself is not a completely adequate indicator of material goods and services that citizens are able to use? Give one example

economics
cbse-class-10
development

#1

Why is it that income by itself is not a completely adequate indicator of material goods and services that citizens are able to use? Give one example.
Ans. Income by itself is not a completely adequate indicator of material goods and services that citizens are able to use. Quality of life also depends on non-material things like equal treatment, freedom, security, respect of others, etc.
e.g. a person may be in a job which gives him a high pay, but there is no security in his job and leaves him with no time for family. So, in this case, high income is not important as the person has no feeling of security and freedom.