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National Income As An Indicator Of Standard Of Living

Part 1 of Paper
....of standard of living and as a comparison of economic development between different countries. National Income is an indicator of standard of living measured by output, expenditure or income in one year. The reason that these three factors are the chosen methods of calculation is that they can all be calculated fairl....

Part 2 of Paper
.... which is linked to this is that sales in the black economy will also go unregistered even though they may have significant effects (both good and bad) on a personÕs standard of living. For example, if drugs were being sold on the black market this may lead to a rise in crime and so peopleÕs standard of living would fall, however the person selling the drugs would increase their income and so that may increase their standard of living. National Income will rise if employment and output rise,....

Number of words: 955 - Approximate pages: 4

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