"The goods and services affordable to and available to the residents of a nation" is a definition of

Question

Quizplus · Accepted Answer

Standard of living refers to the level of goods and services that are affordable and available to residents of a nation. Gross domestic product (GDP) measures the total output of a country's economy, not just what is available or affordable to its residents. Inflation refers to the rate at which prices are rising, but it does not take into account the availability or affordability of goods and services. Income distribution refers to how income is distributed within a population, but it does not specifically refer to what goods and services are available or affordable. Net annual trade rate measures the difference between a country's exports and imports, and is not directly related to the availability or affordability of goods and services.

"The Goods and Services Affordable to and Available to the Residents