INTRODUCTION
One of the main goals of many countries is to increase the quality of living in their territory. To achieve that, they have to increase the closely related standard of living.
Standard of living refers to the economic well-being of people. It incorporates material comforts, ease of living, and opportunities for personal satisfaction
It also includes factors such as income, quality and availability of employment, class disparity, gross domestic product, inflation rate, number of vacation days per year, affordable access to quality healthcare, quality and availability of education, life expectancy, incidence of disease, poverty rate, quality and affordability of housing, hours of work required to purchase necessities, cost of goods and services, infrastructure, national economic growth, economic and political stability, political and religious freedom, environmental quality, climate and safety.
When talked about the standard of living is usually used in a relative context: for example by comparing one country to another or by comparing the standard of living of a single country in two different periods.
To be able to increase standard of living a country needs to pay attention to different factors.
MEASUREMENTS
To decide wich factors are relevant for the increase, it is important to first define how the standards of living are measured. The most commonly used measure is the national output per capita, usually measured as GDP (Gross Domestic Product), or GNP (Gross National Product per capita).
The market value of final goods and services that are produced in the country’s territory during a given year is measured by the GDP.
GNP measures the market value of final goods and services produced by the country’s reside...
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...c input such as machines, workers and natural resources like minerals ,land,oil.
Economic growth, or the growth in the quantity and quality of the goods and services produced, can thus be achieved by ìincreases in the quantity or quality of economic inputs, or by improvements in how the economic inputs are combined to produce output.
Additional machines and worker-hours are examples of increases in the quantity of economic inputs. Better machines, new techonologies and higher-skilled workers are examples of increases in the quality of the economic inputs. Another way to produce more services and goods is by improving the way the inpunts are combined or by increasing efficiency that is associated with learning-by-doing, gradual improvements in how machinery and workers are organized and utilized, and increased specialization made possible by the expansion of markets.
Gross domestic product (GDP) is one of the best ways to measure how a country’s economy is doing. A main component in figuring the GDP is personal consumption expenditures. Personal consumption expenditures accounts for about two-thirds of domestic
gross domestic product – the total value of services and goods that were produced within the nation’s borders by the people in a course of one year, which excludes the income earned from abroad
Global Inequalities and Interdependence Outline, and discuss the value of some of the indices which geographers have used in attempting to define 'a developing country' Measures of development are defined using a multitude of theories. Some focus on economic indicators, others on the quality of life. The economic indicator uses figures from GDP and GNP, which stand for Gross Domestic Product and Gross National Product respectively. GNP is the total value, or output of goods and services which become available during a period of time for consumption or saving within a country, plus income from foreign investors. This is then measured per head of the population, which gives GNP per Capita.
In today’s world poverty is not only viewed in terms of average income/wealth, but as the lower end of distribution regarding income, education, health accessibility, nutrition, productivity, participation in politics, etc. Thus, poverty is defined as the “economic condition in which people lack sufficient income to obtain certain minimal levels of health services, food, housing, clothing, and education generally recognized as necessary to ensure an adequate standard of living” (Funk & Wagnall 1). Adequate, however, depends on the standard of living for each country.
The Human Development Index rates each country with a score between 0 and 1, with 1 being the most advanced, globalized country. Factors that are involved in determining a country's HDI are gross domestic production per capita, life expectancy at birth, adult literacy, and the number of persons enrolled in educational institutions. In 1975, Peru's Human Development Index was 0.643. By 2003, the Human Development Index had risen more than one tenth to 0.762. The substantial increase in Peru's HDI is a clear indication that globalization has made a positive impact.
- The average poor American has more living space than the average individual living in Paris, London, Vienna, Athens, and other cities throughout Europe. (These comparisons are to the average citizens in foreign countries, not to those classified as poor.)
Standard of Living, in a purely material dimension is the average amount of GDP per person in a country (therefore determining access to goods and services). However the term has a much broader, non-material dimension involving issues of quality of life and are therefore much more difficult to quantify. There is no single measure of SoL, but a range of indicators, which can be used together to give a good idea of a countries’ SoL. Reasons for GDP figures alone giving an incomplete understanding of SoL in a country will be explained in this essay, along with problems faced when comparing levels of development between countries.
GDP measures the total value of all goods and services produced within that territory during a specified period. GDP is used to measure a country’s wealth. Basic’s of life, food, etc. shelter and clothing is not likely available to most people in poorer countries. The.
The fact that it has been developed and used by the United Nations is significant. The syll It can be deduced that although social and economic indicators do have their relative merits, they have many weaknesses. Generally, it can be said that economic indicators measures the wealth of the country but gives little indication of the standard of living of the majority of people. The World Bank classifies GNP as an economic indicator of development but stresses that. Classification by income does not necessarily reflect development.
If you were to ask people from all over the world what the standard of living means to them, you would get different answers from each person. Raising the standard of living would no doubt bring greater life expectancy, fewer diseases also fairness and equality to all. But is it possible to achieve this when the world is living at such different standards and what would the implications be of raising the standard.
... in the new environment and fully embrace the socio-economic and political aspects of the new environment. Nevertheless, this paper has refuted the fact that one may completely forget the social conditions of their home country by permanently living in another country. In conclusion, living in another country involves change. However, the change is never permanent and is only oriented towards the interest that made one move into another country.
When looking through the topic of development, two drastically different ways to assess it arise. The majority of the western world looks at development in terms of per capita GNP. This means each country is evaluated on a level playing field, comparing the production of each country in economic value. Opposite this style of evaluation is that of the alternative view, which measures a country’s development on its ability to fulfill basic material and non-material needs. Cultural ties are strong in this case as most of the population does not produce for wealth but merely survival and tradition.
Theoretical model of modern economic growth shows that long-term economic growth and raise the level of per capita income depends on technological progress. This is because of without technological progress and with the increase of capital per capita, marginal returns of capital would diminish and output per capita growth would eventually stagnate (Solow, 1956; Swan, 1956). Studies have shown that “experience, skills and knowledge in the long-term economic growth is playing an increasingly important role” (World Bank, 1999). Despite how technological progress work on economic growth, and how there are different views on the role of in the end, but I am afraid no one would deny that technical progress in the important role of economic development. In this sense, for a country to achieve long-term economic growth, we must continue to promote technological progress. However, economic growth theory is analyzed in general, and usually under the assumption that in the closed economy, and technological progress in a country not normally have taken place in various departments at the same time, and now the economy are often increasingly open economy. In this way, the technological progress in different economic impact on a country may be quite different. In addition, we assume that technological progress is Hicks neutral, is to an industry in itself, but technological progress also reflects the establishment of new industries and development. The new industries and technology-intensive industries generally older than the high, the use of less labor. Even the old industries, the general trend of technological progress is labor-saving.
The Gross Domestic Product (GDP) is the total market value of in a country’s output. The GDP is the total market value of all final goods and services produced by factors in within given period of time that located in the country doesn’t matter they are citizens or foreign-owned companies. Hence, the GDP is the best way to measure the country economy.
Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. Due to the fact that GDP alone does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic well-being have been proposed. Essentially, a country’s economic development is related to its human development, which encompasses, among other things, health and education. These factors are, however, closely related to economic growth so that development and growth often go together.