ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Standard of living can be thought of as a measure of the quality of life and level of material prosperity in a country. Although both economic and non-economic factors are measured, economic factors play a more central role when determining a country’s standard of living.

Detailed explanation-2: -Economic prosperity means not just the level of wealth of a country, but also its economic growth, economic security, and economic competitiveness. This goal also includes the notion of balancing the interests of today’s society against those of tomorrow’s.

Detailed explanation-3: -The standard of living is a term used to describe the level of income, necessities, luxury, and other goods and services that are generally readily available to a designated population.

Detailed explanation-4: -Economic development is defined as an increase in a country’s wealth and standard of living. For example, Improved productivity, higher literacy rates, and better public education are all consequences of economic development in a country.

Detailed explanation-5: -The improvement in living standards is the direct result of econom-ic growth. Our per capita consumption of goods and services has increased because our per capita production (or output) of goods and services has increased. When we produce more, we can consume more.