What is relation between GDP and Standards of Living?
PLS explain briefly:) and write source if possible. need for exam
Answer:
A countries standard of living is usually measured by income per person, or GDP per capita. However, this is not a perfect measure, since some countries have high taxes or high inflation or other social ills.
So, usually economists look at a minimum of four measures to determine the standard of living for any country:
1. GDP per person
2. Inflation rate
3. Unemployment rate
4. Income inequality.
You can add more, but those are the minimum number of factors that need to be considered.
I see our GDP and standard of living on a steady decline if this is what people consider doing research these days.
STANDARD OF LIVING is measured in terms of per capita income(PCY).PCY=GDP/population of a country.this is the basic relationship.if GDPgoes up with pop. remaining almost constant then it is said that peoples standard of living improves of thet country.
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Answer:
A countries standard of living is usually measured by income per person, or GDP per capita. However, this is not a perfect measure, since some countries have high taxes or high inflation or other social ills.
So, usually economists look at a minimum of four measures to determine the standard of living for any country:
1. GDP per person
2. Inflation rate
3. Unemployment rate
4. Income inequality.
You can add more, but those are the minimum number of factors that need to be considered.
I see our GDP and standard of living on a steady decline if this is what people consider doing research these days.
STANDARD OF LIVING is measured in terms of per capita income(PCY).PCY=GDP/population of a country.this is the basic relationship.if GDPgoes up with pop. remaining almost constant then it is said that peoples standard of living improves of thet country.
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