how do the individual goods help in improving the living standard of the people
Answers
A person's ability to earn wealth and comfort can improve standard of living for that person, though it can also lead to a poorer standard of living. Increased income is one way to improve people's standard of living, as is access to public programs that can help those people with very little get ahead more quickly
Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual.[1] Standard of living is relevant because it is considered to contribute to an individual's quality of life.[2] Standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political and environmental matters – such things that an individual might consider when evaluating where to live in the world, or when assessing the success of economic policy.
It is affected by factors such as the quality and of education, literacy rates, life expectancy, occurrence of diseases, cost of goods and services, infrastructure, access to, quality and affordability of public transportation, national economic growth, economic and political stability, freedom, environmental quality, climate and safety. For the purposes of economics, politics and policy, it is usually compared across time or between groups defined by social, economic or geographical parameters.
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