what is formula for standard of living
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Explanation:
Yet there is a generally accepted measure for standard of living: average real gross domestic product (GDP) per capita. Let's break it down piece by piece: GDP measures annual economic output — the total value of new goods and services produced within a country's borders.
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Explanation:
standard living and quality of life are similar in that they utilise some of the same data but standard of living represents more physical aspects of life while quality of life more intangible aspects of life.
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