Living Standards

• Living Standards -  the level of comfort in which people live, which usually depends on how much money they have.

  • Income/Wealth
  • Education
  • Healthcare Systems
  • Pollution
  • Working Hours
• GDP per Head (Person) - main measure used to determine and compare living standards

  • an average of how economic growth is spread out amongst an economy’s population
• GDP Per Head (Capita)

  • Advantages - Accounts for inflation and differences in population sizes
  • Disadvantages - its an average and does not reflect true distribution of income, does not account for pollution, working conditions and hours
• Human Development Index - takes into account income, education, and life expectancy
• Genuine Progress Indicator - takes into account distribution of income, leisure time, and environmental standards