Question

One factor that indicates a developed economy's standard of living is its

Answer 1

Hi friend,

One standard that is used to indicate a country's standard of living is its gross domestic product (GDP) or per capita income. This measure indicates the average earning of each individual of a country. With increased earning, their buying power increases which in turn also raises the economy. increased buying power increases the standard of living. Another factor could be the rate of resources that are being exported and imported in a country.

I hope the answer helps. Thanks.

Answer 2

There are many indicators that help to understand the condition of a country's economy in order to determine whether its developed, underdeveloped or developing.

Factors include, GDP of the country, HDI, MEW, etc.

1- The most common used indicator is the GDP of the country. This refers to the Gross Domestic Product, that means the overall output created by the country. Another way of looking at a countrys economy is the GNP, i.e. the Gross National Product, in which one can look at (all output- money sent from foreign).

I hope these are helpful.