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Standard of living and sectors of the economy

Standard of living and sectors of the economy. What is Standard of Living?. The quality of life based on the possession of necessities and luxuries that make life easier. What factors into standard of living?. Factors include:. Geographic location Income Luxuries Cost of living Profession

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Standard of living and sectors of the economy

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  1. Standard of living and sectors of the economy

  2. What is Standard of Living? • The quality of life based on the possession of necessities and luxuries that make life easier.

  3. What factors into standard of living?

  4. Factors include: • Geographic location • Income • Luxuries • Cost of living • Profession • Personal preferences

  5. Now write down everything you would buy with $10,000,000. • Remember to think about needs as well as wants. • What kind of things did you write down?

  6. What if you lost a bunch of money in a business deal and now only have $10,000? • What is on your list now? • What did you remove from the list? Why?

  7. What about if your house burns down and you only have $100? • What would you buy now? • What did you remove from your previous list? Why did you take it off?

  8. Now finish questions 8-10 • Use the information you learned to discuss how standard of living problems can be fixed.

  9. Circular flow • Now use your book on page 522 to help you complete your Circular flow of economic activity . • Read the text thoroughly , be specific and don’t just put factors of production, goods, and services.

  10. Circular flow of Economic activity

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