Standard of living refers to the quantity and quality of goods and services that people can purchase with the currency used in their economic system.

Question

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Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area. It is usually measured by Gross Domestic Product (GDP) per capita or average income per person. The currency used in the economic system is important because it determines the purchasing power of individuals and their ability to access goods and services. Therefore, the statement that standard of living refers to the quantity and quality of goods and services that people can purchase with the currency used in their economic system is true.

Standard of Living Refers to the Quantity and Quality of Goods