Question 2: Define income growth in terms of the standard of living

Expert Solution

Standard of living refers to a certain level of goods and services or level of comfort or the money available with respect to the geographical area in which a person resides.

Eg: the standard of living of a person living in rich country might be less than the person earning the same amount but living in a poor country, where the resources are cheaper.

Higher standard of living is when the income of the individual is higher. More the income, more would the person be able to spend on the luxury and necessary goods and services.

Standard of living basically depends on the income of the countries which is defined by GDP. If the country is having higher GDP, then it is able to provide better facilities and higher standard of living to its citizens, which means higher standard of living. This also leads to more income growth, for they have everything provided for like sanitation, health facilities etc.

Eg; Developing countries have low standards of living and hence poor population because of low income growth.

Rahul Sunny answered 1 year ago

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