Photo AI
Which one of the following is defined as the amount of goods and services a person can buy with their income in a year? Select one answer - Edexcel - GCSE Business - Question 2 - 2016 - Paper 1
Question 2
Which one of the following is defined as the amount of goods and services a person can buy with their income in a year? Select one answer. A Relative poverty B G... show full transcript
Worked Solution & Example Answer:Which one of the following is defined as the amount of goods and services a person can buy with their income in a year? Select one answer - Edexcel - GCSE Business - Question 2 - 2016 - Paper 1
Step 1
Which one of the following is defined as the amount of goods and services a person can buy with their income in a year?
Answer
The correct answer is D Standard of living.
Standard of living refers to the degree of wealth and material comfort available to a person or community, often measured by the quantity of goods and services that can be purchased with one's income. This concept encompasses various factors, including income levels, employment, class, poverty rates, and housing standards, thus reflecting the overall economic health of individuals.