Not everyone buys the same goods, however. Given the national income, the standard of living of the people will be lower when the price at high and higher when the prices are low.
If the terms of trade are more favorable for a country, it can import comparatively larger amount of goods for a given amount of exports and hence its standard of living will be higher.
Similar to the standard of living, what would be considered a good quality of life by one person, may not be considered as such by another.
Other things being equal, the scanner the size of the family, the higher is likely to be the standard of living. Likewise, the average standard of living in a country depends not only on the physical productivities of its people but also on the prices of goods it exports and the prices of goods it imports i.
Research by Robert Sapolsky of Stanford University provides similar findings. Investment Damage Inflation also has an effect on your investments.
In this monetized world, it is the purchasing power or earning power of a person which would determine his standard of living. Social Customs and Conventions: The human role of economic inequality Recently, human role has been encouraged by the influence of population growth there has been increasing interest from epidemiologists on the subject of economic inequality and its relation to the health of populations.
On the other hand, in under-developed countries, farmers in agriculture and workers in factories work with small capital equipment. Most people in India nave the other-worldly attitude. This productivity per person engaged in agriculture was 2, dollars in Canada and 1, dollars in the U.
This concept does not refer to animal or plant populations. Developed countries have highly mechanized their processes of production. Goods and Services Available A community with a high standard of living typically enjoys a better quality of life than one at or below the poverty line.
For reasons of his own and his family izzat honourhe does not like to lag behind in observing such norms and conventions in social ceremonies like marriages. Those are social services and welfare services. Other things being equal, the scanner the size of the family, the higher is likely to be the standard of living.
Human need to be educated to exist and develop. Further, average productivity per person engaged in manufacturing was 5, dollars in the U. The needs being few, the standard of living is low. We can see the house prices of Sydney were almost double Vietnam. They do not lack for food, quality medical care, or suitable shelter.
In fact, there are marked inequalities in the standards of living of the people in different countries of the world. If their income decreases, through job loss, for example, they might consider their standard of living to be decreasing along with it, however is this the case.
The national income of India compares very unfavorably even with some Asian and African countries. For instance, standard of living of the people in England is much higher than that in India. The standard of living in India is low due both to the lower level of national income and to the larger size of its population.
USD 0 Norway Congo 0 Congo 0 Norway Why Norway has high living standard?.
Jan 13, · The standard of living is measured on how much disposable income each family has left over. If money is tight and the family can barely make ends meet, then their standard of living is low.
Things that can impact:Status: Resolved. The standard of living develops because of a composition of various factors that influence the quality of life. The primary determinant is income.
Household income determines the level of living as it determines the purchasing power and earning of a person. FACTORS AFFECTING STANDARD OF LIVING DIFFERENCE IN COST OF LIVING A higher National Income figure is required to maintain a high cost of living.
Therefore, if the cost of living is higher in country B, the standard of living cannot be three times higher. The standard of living includes factors such as income, gross domestic product (GDP), national economic growth, economic and political stability, political and religious freedom, environmental.
Standard of living factors such as gross domestic product, poverty rate and environmental quality, can all be measured and defined with numbers, while quality of life factors like equal protection.
Various factors boost inflation at different times and may affect the standard of living for certain segments or large portions of the population, depending on which items have inflated prices and costs.Factors affecting standard of living