ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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how to live where you are living
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different levels of living for different people
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standards of how everyone should live in countries
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levels of wealth and material comfort available in a country
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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. Quality of life, on the other hand, is a subjective term that can measure happiness.
Detailed explanation-2: -Standard of living is the amount of goods and services available to purchase in a country. Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living. GDP measures all transactions within a country’s boundary, while GNI includes those who live abroad.
Detailed explanation-3: -Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. Standard of living is relevant because it is considered to contribute to an individual’s quality of life.
Detailed explanation-4: -Developing countries are countries that have a low standard living; these countries usually have a low gross national income per capita even though they are in an economical development. They also have a high gross domestic product per capita. Another economic measure is also industrialization.
Detailed explanation-5: -Household income. General health of a population. Life expectancy of the members of a population. Availability and quality of housing. Level of crime. Access to health care. Access to education. Access to social services. More items •20-Apr-2022