Question

6) Two families with equal income may not have same level of quality of life." Justify the statement.​

Answer 1

Two families having the same economic source and earning the same amount may have different quality of life for the following reasons

1. Prior Commitments- A family may have ongoing bank and personal loans which

have to be repaid.

2. Different Priorities- A family may have separate priorities. They may save more than they spend. They may invest the money somewhere else.

3. Distinctive requirements- Health conditions and education are pressing situations and a family may have this condition where the greater amount is saved for supporting the education of their children or for medical reasons.