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Chapter 19: Q 12. (page 471)

What is the primary way in which economists

measure standards of living?

Short Answer

Expert verified

GDP per capita is the primary way in which economists measure standards of living.

Step by step solution

01

Step 1. Define standards of living.

The amount of money, amenities, and services available to a community or region, instead of an individual, is referred to as the standard of life.

02

Step 2. Primary way to measure standards of living.

The GDP per capita is computed by the ratio of the gross domestic product or GDP and the total population. It is shows the average income of a person in the country.

The value obtained is not an accurate representation but an indicator of the living standard in the country. Thouh this method has been criticized as inaccurate representation of living standard because it only takes into account economic growth while ignoring other things that may affect living standard such as crime and pollution.

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