STANDARD OF LIVING

Question 1

What are the main factors affecting STANDARD OF LIVING?

Answer 1

• Financial resources available
• Number of people
• Number of dependants
• Profession/occupation of individuals
• Health of individuals
• The geographical location
• Amount of debt
• Cost of housing

Question 2

What is STANDARD OF LIVING?

Answer 2

Measure of:
•Goods
•Services
•Luxuries available to an individual or household once basic necessities have been met