Economics and Standard of Living

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Definition of Standard of Living

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The level of wealth, comfort, and necessities available to a certain socioeconomic class or geographic area.

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Factors measuring Standard of Living

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GDP per capita, access to education and healthcare, income levels, quality of housing.

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Relation between economic output and Standard of Living

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A country's ability to produce goods and services directly impacts its standard of living.

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Impact of higher production on Standard of Living

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More job opportunities, increased wages, greater availability of goods and services, improved infrastructure.

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Importance of Economic Growth

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Crucial for maintaining and improving living standards.

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Definition of GDP

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The total value of goods and services produced within a country in a year.

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Definition of GDP per capita

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Total GDP divided by population, often used as a measure of standard of living.

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Components of GDP (Expenditure Approach)

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Consumption (C), Investment (I), Government Spending (G), Net Exports (Exports - Imports).

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GDP Formula

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GDP = C + I + G + (X - M).

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Definition of Productivity

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The efficiency of production, typically measured as output per unit of input.