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,ECS3709 Assignment 1 COMPLETE ANSWERS)
Semester 2 2024 - DUE 16 August 2024 ; 100%
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Part 1: Standard of Living (Total: 50 Marks)
QUESTIONS;
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).
Definition of the Standard of Living
Standard of Living refers to the level of wealth, comfort, material
goods, and necessities available to a person or community. It
encompasses various factors such as income, employment, class
disparity, poverty rate, and housing affordability. It is an objective
measure of the material wellbeing of individuals and communities,
typically quantified through indicators like GDP per capita, income
levels, and access to basic services.
Quality of Life is a broader concept that includes the standard of living
but also incorporates subjective factors such as health, education,
environment, and personal happiness. Quality of life is influenced by
non-material aspects, including emotional and social wellbeing, while
the standard of living focuses primarily on economic conditions and
material resources.
Economic Prosperity is a measure of the overall wealth and economic
health of a country or individual. It relates to the economic growth, level
, of income, and financial stability, often measured by GDP and economic
indicators. While economic prosperity is a component of the standard of
living, it does not necessarily capture the distribution of wealth or the
quality of other life aspects.
In summary, while the standard of living measures material wellbeing
and economic conditions, quality of life provides a broader view of
personal and societal wellbeing, and economic prosperity focuses on
economic growth and wealth generation.
2. Explain any four of the various methods including other
relevant indicators used to measure the standard of living (5
marks).
Methods and Indicators to Measure the Standard of Living
1. Gross Domestic Product (GDP) per Capita:
o Description: GDP per capita is the total GDP of a country
divided by its population. It provides an average economic
output per person.
o Relevance: Widely used to gauge economic performance and
living standards. Higher GDP per capita typically indicates
higher living standards.
2. Human Development Index (HDI):
o Description: HDI is a composite index that measures
average achievement in three basic aspects of human
development: health (life expectancy), education (mean years
of schooling and expected years of schooling), and income
(GNI per capita).
o Relevance: Provides a broader view of development beyond
just economic measures by incorporating health and
education.
