What ultimately determines a country's standard of living?

Question

Quizplus · Accepted Answer

A country's standard of living is largely determined by its ability to produce goods and services efficiently. This is often measured by its gross domestic product (GDP) per capita. The more goods and services a country can produce, the higher its standard of living is likely to be. Having natural resources or trade barriers may have some impact, but they are not the sole determinants of a country's standard of living.

What Ultimately Determines a Country's Standard of Living