National income growth and living standards of developed countries essay
The developing countries are generally the countries that are poor and have a low standard of living. The example of some developing countries in Asia is Afghanistan, Bangladesh, India and Pakistan, Sri Lanka etc.; the people in these countries have a very poor standard of living. Developing countries generally have very low gross profits. Introduction to the essay: The basic measure of a country's standard of living is real GDP per capita, adjusted for purchasing power parity. This measures the inflation-adjusted value of goods and services produced within an economy during a year. The correlation between globalization, economic growth and poverty reduction. During the period when international trade expanded, average world income increased substantially and the share of the population living in extreme poverty continued to decline. GDP per capita is a commonly used metric for measuring the national average. The standard of living measures our material prosperity. The basic measure is real national output per capita or real GDP per capita or gross national income per capita. Measuring the Standard of Living - Revision Video. Exam technique - GDP and measuring the standard of living