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Explain How the Standard of Living of the Average Person

question 62

Essay

Explain how the standard of living of the average person in an economy can increase.


Definitions:

Percent Equivalent

A value expressed as a percentage that represents a portion of a whole.

Repeating Decimal

A decimal number in which a sequence of digits repeats indefinitely.

Decimal Notation

A numerical representation system that uses the base 10 and includes a decimal point to separate the integer part from the fractional part.

Percent Equivalent

A value representing a part of a whole as a fraction of 100.

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