Back to Assignment Attempts Average: 12 3. Economic Freedom and Standard of Living The greater a nation's economic freedom, the higher its standard of living. This is because if people are not free to work where they want at what they want and to purchase what they want, then they have few if any private property rights, and private property rights lead to wealth. Thus, there is a relationship between economic freedom and standard of living. People in the unfree and repressed economies, those with few or no* private property rights, average less than one-eighth of the income of people in the freest nations, As economic freedom increases, average income E 7- ited GDP per capita is gross domestic product per person; GDP is the total value of output created in a country during one year. Those who are interested in assessing the relative standard of living of different countries over a given period of time are most likely to look at: O Per capita GDP O Technology O GDP O Population