How do economics measure a nations standard of living

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How do economics measure a nations standard of living

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Gabriella 14 mins 2021-10-13T23:05:16+00:00 1 Answer 0

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    2021-10-13T23:06:43+00:00

    Yet there is a generally accepted measure for standard of living: average real gross domestic product (GDP) per capita. Let’s break it down piece by piece: GDP measures annual economic output — the total value of new goods and services produced within a country’s borders.

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