What is meant by the term standard of living?
A) increases in the amount of available resources
B) better technology
C) the availability of goods and services per capita
D) improvements in the "rules of the game"
E) improvements in the quality of labor

Question

Quizplus · Accepted Answer

The term standard of living refers to the level of material well-being of a society, which can be measured by the availability of goods and services per capita. Factors such as increases in the amount of available resources, better technology, improvements in the "rules of the game," and improvements in the quality of labor can all contribute to a higher standard of living, but ultimately it is the availability of goods and services that determines a society's level of material well-being.

What Is Meant by the Term Standard of Living