ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Having more money.
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Being able to buy more goods and services.
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Having a command style economy.
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Having more businesses.
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Detailed explanation-1: -Generally speaking, a higher per capita income allows people to buy more goods and services, increases access to education, and increases access to healthcare, all of which increases quality of life and life expectancy.
Detailed explanation-2: -The fundamentals of growth are the same in every country: improvements in human capital, physical capital, and technology interacting in a market-oriented economy. Countries that are high-income tend to focus on developing and using new technology.
Detailed explanation-3: -Living standards or living standard is used to refer to the level of comfort in which people live, which usually depends on how much money they have. Cheaper housing would vastly improve the living standards of ordinary people. [ + of] Critics say his reforms have caused the fall in living standards.
Detailed explanation-4: -The standard of living is measured by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Factors such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also included.
Detailed explanation-5: -Making plastics from plants. Greening steel and concrete. Recycling EV batteries. Making jet fuel from rubbish. Cleaning up deliveries. 27-Oct-2021