Why do you think that the standard of living in developed countries is much higher compared...

Why do you think that the standard of living in developed countries is much higher compared to less developed countries?

Expert Solution

Standard of living includes income, gross domestic product (GDP) life expectancy, economic opportunity and others. In a nation basically called the nation have good standard of living is quality of goods and services available to existing population. In simply the Standard of living is related to quality of life which includes economic stability, political stability, environmental quality, safety etc.

Standard of living mainly compare geographical area basis. Some nations standard of living better than other nations and it will change over a period of time. Standard of living usually higher in developed countries such as United States than less developed countries. Because the nation basic measure (GDP) are more in developed countries. The luxurious life, Health facilities, low unemployment rate and other things are higher in developed countries. Mainly Gross Domestic Product (GDP) higher in developed countries, GDP factors are personal consumption, business investment, government spending, and net exports these factors are also high.

So standard of living in developed countries is much higher compared to less developed countries.

jeff jeffy answered 1 year ago

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