How do we precisely measure the standard of living in a nation or economy?

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asked Mar 11, 2016 154k views

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TomV · Answer 1 · 2016-03-17T10:18:14+0000

In order to precisely measure the standard of living in a nation or economy we look at per capita GDP, which takes in the gross domestic product for each individual, not the nation as a whole.

How do we precisely measure the standard of living in a nation or economy?

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