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Explain How Our Standard of Living Depends Upon Our Level

question 11

Essay

Explain how our standard of living depends upon our level of real GDP per person but there might not be a one-to-one relationship between the standard of living and real GDP per person.Give examples of things that can effect one but not the other.


Definitions:

Market

A place or mechanism where buyers and sellers interact to trade goods, services, or information.

Geography

The study of the Earth's physical features, environment, and human-environment interactions.

Sales Potential

The maximum total sales of a product or service that could be achieved within a specific market over a given time period.

Follow-Up

Maintaining contact with a customer (or prospect) in order to evaluate the effectiveness of the product and the satisfaction of the customer.

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