What is meant by the term standard of living? - Edexcel - GCSE Business - Question 7 - 2015 - Paper 1
Question 7
What is meant by the term standard of living?
Worked Solution & Example Answer:What is meant by the term standard of living? - Edexcel - GCSE Business - Question 7 - 2015 - Paper 1
Step 1
Definition of Standard of Living
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Answer
The term 'standard of living' refers to the amount of goods and services that people can afford to buy with their income in a year. It is a measure of economic well-being and can reflect the quality of life of individuals or groups within a society.
