The standard of living

Question 1

Definition of standard of living

Answer 1

is the amount and quality of material goods and services available to a given population.

Question 2

Indications of standards of living

Answer 2

Real per capita income- is the average income of a citizen in a country. (higher the income, people can buy goods)
Access to goods and services- having money to pay for goods and services and being able for purchase.
National ownership of production- if locals own capital, the wealth will stay in the country.
Access to modern technology- productivity is enhanced with investments in technology.

Question 3

Indications of quality of life

Answer 3

-the level of crime
-the availability of health, education and recreational facilities.
-life expectancy
-the rate of infant mortality
-access to public utilities

Question 4

Factors affecting national output/ national income

Answer 4

1. Amount of natural resources- (resources-sun, climate,soil,fish). How well these are developed could determine the standard of living of a country.
   2.The capital equipment available- equipment is needed for combining with natural resources and the labour force.
   3.Factors of production- requires great managerial skills.
   4.Technical resources- research and invention can help with use of natural resources.
   5.Political stability-In order to encourage saving and investment, a stable political system and government are required.