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What is the most important reason why two country's with the same GDP can have vastly different standards of living?
Wiki User
∙ 11y ago
As with individuals, nations have different amounts of wealth, and even if the wealth is fairly distributed, there will and is considerable differences in the standards of living among the several hundred nations in the world. As mentioned, regarding fairness of distribution, the standards of living can be different based on non subjective reasons.
A nation that is rich in Natural Resources and can export these as well as use them internally to their best advantage will help lift the standard of living.
A nation with a sound economic system will also help its standard of living. Another factor is the education level of a nations citizens. Generally the higher the level the higher the standard of living.
A politically stable nation is best for a sound economy. Nations in the midst of civil strife and civil wars hurts its economy and helps lower its standard of living.
Wiki User
∙ 9y ago
Wiki User
∙ 10y agopopulation size
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How can economists compare the standards of living in different countries?
GDP per capita is generally lower, and poverty rates are generally higher, in countries with lower standards of living.
How are developing nations primarily different from industrial nations?
Developing countries are primarily different from industrial nations in that the living standards are not the same
How are developing countries primarily different from industrial nations?
Developing countries are primarily different from industrial nations in that the living standards are not the same
Have living standards improved at all?
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The Dutch (or Netherlands) had the highest standards of living in the mid 1600's in Europe.
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What were Allama Iqbals perception of Pakistan?
He thought that there were two nations living in the same country Muslims and Hindu. and that they needed to be separeted in to two different countrys.
What is the living standards of Hawaii?
what is the living standards of hawaii
An important principle for firms desiring to export is?
A) sell to countries with high standards of living.
How can economists compare the standards of living in different countries?
GDP per capita is generally lower, and poverty rates are generally higher, in countries with lower standards of living.
How are developing nations primarily different from industrial nations?
Developing countries are primarily different from industrial nations in that the living standards are not the same
How are developing countries primarily different from industrial nations?
Developing countries are primarily different from industrial nations in that the living standards are not the same
The foodservice industry has strict standards concerning the temperature of foods Why do you think this is important What are the potential consequences of not following these standards?
This is important because, different bacteria live in different meats. Also different bacteria die at different temperatures hence the different food temperatures. As for the potential consequences there are many. If you mean legal than usually fines are given for failure to follow these codes. Other consequences may include food poisoning based on the still living bacteria that is not residing in the meat.
What is the standarding of living?
what is the living standards of Hawaii
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What has raised standards of the living in the Baltic republics?
Dairy farming,beef production,fishing, and shipbuilding has raised standards of living in the baltic rebublics
What are living standards like for japan?
Bad
