What Is Meant by the Term Standard of Living

question 109

Multiple Choice

What is meant by the term standard of living?

• A) increases in the amount of available resources
• B) better technology
• C) the availability of goods and services per capita
• D) improvements in the "rules of the game"
• E) improvements in the quality of labor

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Definitions:

Poverty Line

A financial threshold below which individuals or families are considered to live in poverty, based on their income or consumption levels.

Poverty Rate

The percentage of people residing under the poverty threshold, signifying the degree of financial hardship in a community.

Higher Income

Refers to earnings that are above the median income level for a given region or population, often associated with greater economic stability and purchasing power.

Poverty Line

is a threshold set by a government or organization, below which individuals or families are considered to live in poverty, based on income.