A country with free market economy generally has a high standard of living. It is basically a kind of economy in which all decisions regarding investment, production and distribution are totally dependent on the demand and supply of the market. I hope that this is the answer you were looking for and it has helped you.
A country with a developed economy generally has a high standard of living.
Explanation:
Countries with developed economies have a very high degree of industrialization, with a predominance of the tertiary (trade activities) and quaternary (knowledge-based services and information sharing) industrial sectors.
A relevant factor in relation to economic development is the Gross Domestic Product (GDP), which represents the monetary value of goods and services produced by a country in a year, being one of the main indicators of a nation's economic potential. Per capita income, which represents the average wage per person, is also considered in a nation's development classification. In developed countries, GDP and per capita income are high, and income distribution is generally homogeneous.
