Pob Sba Essay

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'Per Capita GDP’ The gross domestic product (GDP) is one of the primary indicators of a country's economic performance. It is calculated by either adding up everyone's income during the period or by adding the value of all final goods and services produced in the country during the year. Per capita GDP is sometimes used as an indicator of standard of living as well, with higher per capita GDP being interpreted as having a higher standard of living. 'Standard Of Living' The standard of living is often used to compare geographic areas, such as the standard of living in the United States versus Canada, or the standard of living in St. Louis versus New York. The standard of living can also be used to compare distinct points in time. For example, compared with a century ago, the standard of living in the United Stateshas improved greatly. The same amount of work buys an increased quantity of goods, and items that were once luxuries, such as refrigerators and automobiles, are now widely available. As well, leisure time and life expectancy have increased, and annual hours worked have decreased. Standard of Living Standard of living generally refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class, in a certain geographic area. An evaluation of standard of living commonly includes the following factors: * income * quality and availability of employment * class disparity * poverty rate * quality and affordability of housing hours of work required to purchase necessities * gross domestic product (GDP) (For more insight, see Don't Be Misled By Gross National Product.) * inflation rate (See our Inflation tutorial for more.) * number of paid vacation days per year * affordable access to quality health care * quality and availability of education * life expectancy *

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