The term __________ refers to material well-being that can be measured by the quality of goods and services that may be purchased by the per capita national income.

Question

Quizplus · Accepted Answer

The term "standard of living" specifically refers to the level of material well-being that a population experiences, which can be quantified using metrics such as per capita national income. While economic development and the overall health of an economy can impact a population's standard of living, these are not synonymous with the concept itself. Standard of life is not a commonly used term, and standard of development and standard of the economy do not specifically relate to the material well-being of a population.

The Term __________ Refers to Material Well-Being That Can Be