What ultimately determines a country's standard of living?

Question

Quizplus · Accepted Answer

A country's standard of living is determined by its ability to produce goods and services that people want to buy. This means that a country with a strong and diverse economy that can provide jobs and income for its citizens, as well as meet their needs and wants, will have a higher standard of living than a country with a weak or stagnant economy. Natural resources and trade barriers can also play a role, but they are not the only or most important determinants of a country's standard of living.

What Ultimately Determines a Country's Standard of Living