The standard of living in a country is based upon production while the gross domestic product is based upon consumption.

Question

Quizplus · Accepted Answer

The standard of living in a country is often measured by its GDP per capita, which reflects the average economic output per person, not just production or consumption alone. Gross Domestic Product (GDP) itself measures the total value of all goods and services produced within a country over a specific time period, encompassing both production and consumption.

The Standard of Living in a Country Is Based Upon