One's standard of living is measured in keeping with his or her income, access to basic services and amenities, and also the conditions during which that person lives. a human ability to earn wealth and luxury can improve standard of living for that person, though it also can result in a poorer standard of living. Increased income is a way to enhance people's standard of living, as is access to public programs that may help those people with little or no get ahead more quickly. Most changes in standard of living must be implemented by a whole society, however, which suggests change can come quite slowly.Education allows citizens to earn higher wages, improving their standard of living.

use an example of your own and give a bit of detail about your example, enough to be able to analyse it using course concepts, but be mindful of the word limit. 

Part (b)In this part of the TMA you are required to select course concepts from chapter 1, Running the Economy textbook and use these concepts to analyse your examples from part (a). Choosing appropriate course concepts and then applying them to your country as a real-life example is an important part of academic practice and for making course content relevant to work contexts. In this part of the TMA, you should first state which concept you have chosen and what study sessions they come from, before giving a brief description or definition of these course concepts. You should then explain how these concepts can be used to analyse the above article and explain the facts that you described in part (a). Part (b) is the weightiest part of the TMA and carries the highest proportion of marks. 

Part (c)This part of the TMA asks you to consider the economic and social implications of the article and the updated information you gave in part (a). You should start by stating whether or not you think there are any socioeconomic implications arising from this situation. You may present your work in terms of expressions or equations and the results obtained, translate your data into diagrams and match the theory with the application you have selected. If you feel there are no socioeconomic implications whatsoever, you should explain why you think this is the case. 

Part (d)The final part of the TMA asks you to think about how the issues you have discussed in parts (a) (b) and (c) could help policy makers. What could the people living in your society you have described in part (a) learn from your analysis in parts (b) and (c)? You should make some suggestions about how they could improve their standard of living (even slightly– there is always room for some improvement) or on what aspects of their practice they should concentrate most. These suggestions should follow logically from your discussion in part (b) and/or (c) and can relate to any aspect of economic practice. 

Answer rating: 100% (QA)

Standards of Living Part A According to Bosnjak et al 2020 the standard of living describes the wealth level comfort substances and necessities available to members of the societys socioeconomic classes or particular geographical locations Standard of living relates to a persons quality of life that evaluates their happiness Quantifiable factors measure living standards such as income products services costs and available job opportunities Other factors that are nonquantifiable such as life expectancy rate of inflation and poverty also influence the determination of the living standards However the factors that affect the quality of life of a particular socioeconomic class ... View the full answer