what is economy material standard of living ?
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A standard of living refers to the amount and quality of material goods and services available to a given population. The standard of living includes basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity.
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It is basically a metric that evaluates the amount of material goods that are produced and sold within a specified geographic area – such as a community, province, state, or country. Two of the most commonly used indicators of standard of living in a country are the gross domestic product (GDP)
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