What do you mean by standard of living standard of living, Ask an Expert

Economics

What do you mean by standard of living?

Standard of living (SoL):

It is incomer per capita (head) and it is determined by national income (GDP) divided through total population:

• It is significant to use real GDP to make sure NY is adjusted for inflation

• Cet par an increase within real GDP that is economic growth raises SoL

• NB: SoL is an average and provides no indication of the distribution of income. What when only the ruling elite enjoy the advantages of growth due to a highly unequal distribution of income.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9579692

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