,ECS3709 Assignment 1 COMPLETE ANSWERS) Semester 2
2024 - DUE 16 August 2024 ; 100% TRUSTED Complete,
trusted solutions and explanations
Part 1: Standard of Living (Total: 50 Marks) 1. Provide a
comprehensive definition of the standard of living. Discuss how
it differs from related concepts such as quality of life and
economic prosperity (5 marks). 2. Explain any four of the
various methods including other relevant indicators used to
measure the standard of living (5 marks). 3. Discuss the
advantages and limitations of each measurement or indicator
referred to in Question 2 (5 marks). 4. Identify and critically
evaluate the flaws and limitations inherent in the common
methods of measuring the standard of living (5 marks). 5. Use
real life examples to explain how factors such as income
inequality, environmental impact, and cultural differences can
affect differences in standard of living among countries (10
marks). 6. Discuss how income inequality, environmental
impact, and cultural differences interact and influence each other
(5 marks). 7. Provide a snapshot of the standard of living in at
least three different countries based in Sub-Saharan Africa,
using current data and statistics. Indicate the data source(s) for
the countries you have chosen. Thereafter, compare and contrast
the standard of living in these countries, considering both
quantitative and qualitative measures (10 marks). 8. Discuss any
significant trends or changes in the standard of living in these
countries over the past five years starting from 2019 (5 marks).
Part 2: Savings, Investment, Capital Accumulation, and
Economic Growth (Total: 50 Marks) 1. Discuss how savings
, contribute to economic growth. 5 marks 2. Explain the
mechanisms through which savings are transformed into
investments. 5 marks 3. Define capital accumulation and explain
its importance for economic growth. 4. Discuss the relationship
between investment and capital accumulation. 5 marks 5.
Provide examples of how investments in physical and human
capital can drive economic growth. 5 marks 6. Analyse the
relationship between savings rates and investment levels in an
economy. 5 marks 7. Discuss the factors that influence both
savings and investment decisions. 5 marks 8. Select two
countries (from anywhere in the world) with different economic
trajectories and compare their savings rates, investment levels,
and capital accumulation over the past decade. 5 marks 9.
Analyse how savings rates, investment levels, and capital
accumulation have influenced economic growth in the two
countries selected in Question 7. 5 marks 10. Discuss the policy
measures that governments can implement to encourage savings
and investment. 5 marks 11. Analyse how these policies can lead
to sustainable economic growth. 5 marks
Here are comprehensive answers to the ECS3709 Assignment 1
questions for Semester 2, 2024:
Part 1: Standard of Living (Total: 50 Marks)
1. Provide a comprehensive definition of the standard of
living. Discuss how it differs from related concepts such as
quality of life and economic prosperity. (5 marks)
