Question

"Living standards" refer to the well-being of the residents of a country. Generally speaking, higher economic growth leads to higher living standards. But higher living standards today can further contribute to economic growth in the future. Which aspects of higher living standards would contribute most to future economic growth?

Answer 1

Answer: High living standards enables citizens to carry out investments in their nation which directly leads to the future growth of a particular nation.

Explanation: High standard generally refers to wealth, comfort, material goods and necessities of certain classes, it could as mean the economic ability of an individual to buy whatever he wants.

In countries with high standard of living individuals have vast economic strength, so they can easily start up any business they desire. These businesses either large or small are building blocks for effective growth of economies of countries.