Chapter 1, Problem 3DCS

Summary Introduction

To discuss: The indicators of high standard of living and its negative impact on quality of life. Also, examine if everyone in the Country U has a higher living standard and the impact of the standard on quality of life.

Introduction:

Standard of living refers to the aggregate capacity of the individuals to spend on the purchase of goods and services for day to day chores given the fixed income level.

Quality of life can be termed as the level of satisfaction and joy of people in a society that depends on various political and environmental factors and also on the health and education of people.