living standards logic chain
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4 Terms
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pt 1
when individuals secure employment, they receive a regular income in the form of wages or salaries
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pt 2
this disposable income enables them to afford goods and services
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pt 3
they consume these goods and services to satisfy their needs and wants, which may also include consumption that benefits their health and education
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pt 4
therefore there is an improvement in their level of economic welfare and an increase in living standards overall across the economy
Note 
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