Clarify the difference between wants of the poor and the rich, accordi – InterviewSolution

1.

Clarify the difference between wants of the poor and the rich, according to Prof. Mehta.

Answer»

Wants of Rich Person	Wants of Poor Person
The needs of the rich person are more.	The needs of a poor person are much less compared to the rich.
The wealthy person’s income is very high.	While the poor person’s income is very low.
All the needs of the rich person are fulfilled.	Some of the needs of the poor person are fulfilled.
Tax liability is higher on the wealthy person.	There is no tax burden on the poor person.

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