Economics B A-Level
Standard of living
What Standard of living means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Standard of living
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Reference: Pearson Edexcel
Reduced when inflation outstrips nominal wage increases, as individuals can purchase fewer goods and services with their earnings.
Topics that use Standard of living
- Inflation (Pearson Edexcel A-Level)
Related terms
- Business uncertainty
- Cost-push inflation
- Deflation
- Demand-pull inflation
- Disinflation
- Inflation
- Investment
- Nominal values
Using Standard of living in the exam
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