Chapter 2.3, Problem 3R

To determine

Relationship between economic freedom and a rising standard of living.

Answer to Problem 3R

There is a direct relationship between economic freedom and a rising standard of living

Explanation of Solution

Economic freedom leads to non-discrimination, empowerment of the individual, and open competition which results into economy growth. Economic freedom empowers individual with greater choice and more opportunities. This pulls many people out of poverty and enables them to live better lifestyle.

Economics Concept Introduction

Economic freedom is an economic liberty to the people living in a society to take economics actions freely. In other words, it creates free-market system which leads to free flow of goods and services