How Does Economic Growth Affect The Standard Of Living
• Standard of living tells how fine or how unwell an individual or group of people lives in terms of having their needs and wants met. It includes the factors like income, employment availability, class disparity, inexpensive housing, literacy, political stability, poverty rate, and all factors like that.
• Economic growth helps in increasing consumption, improving public service, reducing Unemployment and Poverty which leads to indirectly increase our living standards.
• Economic growth is measured by increase in GDP or GNP. Economy can grow by two methods one by using more resources or by using same amount of resources more efficiently or effectively. And if the economic growth is achieved by using more productive resources it will result in increasing per capita
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• These all factors are affected by high inequality.
• High inequality also reduces people accessibility towards resources even it threatens the political condition of the economy, discourages the behavior of people towards individuals or enterprises and this become the hinder towards economic growth.
• If we talk about countries which have high growth but low living standard then I will prefer countries like India and China in both the countries there growth rate is rising but there standard of living is not that much high.
• GNP is the value of product and services by a labor and property which is supplied by the people of that country and it is calculated in one year but it is not considered the way on which the wealth is distributed .in case of underdeveloped countries only one percent of the population is maybe controlling 80 percent wealth.
• Economy may be expand and by this GNP increase at high rate but the people may not experience any of the change or rise in their living
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