Question

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The 'standard of living 'of any country means the average person's share of the goods and services which the country produces. A country's standard of living, therefore, depends first and foremost on its capacity to produce wealth. "Wealth' in this sense is not money, for we do not live on money but on things that money can buy 'goods such as food and clothing, and services such as standard of living' of any country means the average person's share of the goods and services transport and entertainment A country's capacity to produce wealth depends upon many factors, most of which have an effect on one another Wealth depends to a great extent upon a country's natural resources, such as coal. gold and other minerals, water supply and so on Some regions of the world are well supplied with coal and minerals, and have a fertile soil and a favourable climate other regions possess perhaps only one of these things, and some regions possess none of them. The USA is one of the wealthiest regions of the world because she has vast natural resources within her borders, her soil is fertile, and her climate is varied. The Sahara Desert, on the other hand, is one of the least weality.​

Answer 1

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Standard of living focuses on basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity. ... Standard of living is generally measured using per capita GDP. Standards of living are usually higher in developed countries.

Answer 2

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