Living standards
What Living standards means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Living standards
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Check what you remember
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Reference: Pearson Edexcel
The typical economic well-being of a population, which median income often reflects more accurately than mean income.
A measure of welfare that sustained economic growth drives higher.
Topics that use Living standards
- Developed, emerging and developing economies (Pearson Edexcel A-Level)
- Possible macroeconomic objectives (Pearson Edexcel A-Level)
Related terms
- Economic growth
- Current account
- Current account surplus
- Emerging economies
- Equilibrium
- GDP per capita
- Global economic shifts
- Health indicators
Using Living standards in the exam
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