A standard of living in an economy depends on the economy's ability to produce goods and services.

Question

Quizplus · Accepted Answer

A country's standard of living depends on the amount and quality of goods and services it can produce. This is because the more that is produced, the more goods and services are available for consumption, leading to an increase in the overall standard of living. Additionally, the quality of goods and services produced also affects the standard of living, as higher quality products provide better satisfaction and utility to consumers.

A Standard of Living in an Economy Depends on the Economy's