Explain which elements are considered when measuring a country’s standard of living. Write your response in complete sentences.
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The generally accepted measure of the standard of living is GDP per capita. 2 This is a nation's gross domestic product divided by its population. The GDP is the total outputof goods and services produced in a year by everyone within the country's borders.
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A standard of living is the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area. The standard of living includes basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity
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