ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A number of different factors contribute to a high standard of living, but some of the most important include the total profitability of the nation or region as a whole, the employment opportunities and income available to residents, and the ease of access to affordable goods and services.

Detailed explanation-2: -What countries have a high standard of living? Standard of living is measured in different ways, but some countries that consistently come up high include Switzerland, Denmark, Netherlands, Finland, Iceland, Austria, and Germany.

Detailed explanation-3: -EDUCATION. The ability to read and write provides an opportunity to escape generational poverty and live a more enriched life. Quality education also plays a vital role in the growth of the social-economical standards of the country.

Detailed explanation-4: -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.