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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the four other factors that determine the economic standard of living around the world?

To determine

To discuss: The factors that help in determining the economic standard of living around the world.

Explanation

The measurement of standard of living is purely based on economics. Some of the vital factors are Level of Income or Output which depends on total volume of production in the country. Those countries which are having a higher income or output are observed as enjoying the higher standard of living and vice versa. Another factor depends upon the total amount of goods and services which a country is able to produce and it is known as Level of Productivity...

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