Understanding Business
Understanding Business
11th Edition
ISBN: 9780078023163
Author: William G Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Chapter 1.1, Problem 2TP
Summary Introduction

To determine: The difference between standard of living and quality of life.

Introduction:

Standard of living refers to the aggregate capacity of the individuals to spend on the purchase of goods and services for day to day chores given the fixed income level.

Quality of life can be termed as the level of satisfaction and joy of people in a society that depends on various political and environmental factors and also on the health and education of people.

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