ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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scarcity
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capital
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standard of living
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value
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Detailed explanation-1: -The correct answer is Standard of Living.
Detailed explanation-2: -Standard of Living vs. Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas-or more objective characteristics-whereas quality of life is more subjective and intangible, such as personal liberty or environmental quality.
Detailed explanation-3: -Quality of Life: An Overview. 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-4: –GDP is an important measure of *standard of living-the quality of life based on the possession of necessities and luxuries that make life easier.