5.1 living standards

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Last updated 2:33 PM on 6/29/26
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6 Terms

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Living Standards

Standard of Living refers to the social and economic well-being of the individuals in a country

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Real Gross Domestic Product (GDP) Per Capita

An increase in prices will increase nominal GDP, but this is measured in current dollars, thus includes inflations

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Real GDP

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Human Development Index (HDI)

Used by the United Nations to make comparisons of human & economic development in different countries

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Characteristic of HDI

  • Standard of living, measured by average incomes

  • Being educated, measured by adult literacy rate

  • Living a long, healthy life, measured by life expectancy

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Reasons For Low/Varying Economic Development

  • Over-dependence on agriculture

  • Domination on international trade by developed nations

  • Lack of capital

  • Insufficient investment in education, skills & Healthcare

  • Low levels of investment in infrastructure

  • Lack of efficient production and distribution systems

  • High population growth

  • Other factors like a corrupt govt. or war