Question

what is the formula for standing of living ​

Answer 1

Answer:

Answer:Calculating the Real GDP Per Capital

Economists measure standard of living using real output per person or what they call real GDP per capita. Real GDP per capita is the value of national output divided by the population. The formula for real GDP per capita is simply: real GDP / population.

Explanation:

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Answer 2

Answer:

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.

Explanation:

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