In capitalism, people strive to raise their standard of living. How do businesses contribute to this goal?

Question

Quizplus · Accepted Answer

Businesses contribute to raising the standard of living in capitalism by offering value to the consumer. This can be achieved by providing goods and services that meet the needs and wants of consumers at an affordable price, improving quality, and innovating to create new products and services. By doing so, consumers are able to enjoy a higher standard of living in terms of greater access to goods and services that meet their needs and wants.

In Capitalism, People Strive to Raise Their Standard of Living