CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Detailed explanation-2: -How the Standard of Living Is Measured. The generally accepted measure of the standard of living is GDP per capita. 2 This is a nation’s gross domestic product divided by its population. The GDP is the total output of goods and services produced in a year by everyone within the country’s borders.

Detailed explanation-3: -Material living standards are measured by the total number of goods and services available. This is measured by gross domestic product (GDP). As more and more goods and services are produced, it leads to an increase in employment. In turn, people buy more goods and the cycle continues.

Detailed explanation-4: -Net worth is the most common measure of wealth, determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.