Economists Define Standard of Living as a Subjective Measure of How

question 40

True/False

Economists define standard of living as a subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services.

---

Definitions:

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people, often through industrial growth and infrastructure improvement.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period.

Market Value

The current price at which an asset or service can be bought or sold in the marketplace.

Goods and Services

The fundamental output of businesses to customers; goods are tangible items, whereas services are intangible offerings.