The following are some measures and indicators of comparative living standards;
- Gross Domestic Product
- Life Expectancy
- Per Capita Income
- Literacy Rate
- Productivity Capacity
- Purchasing Power
- Social Amenities
- Sectors of Employment
- Possession of consumer durables
1. Gross Domestic Product
Gross Domestic Product (
refers to the total output of goods and services produced by the factors of
production located in a particular country.
2. Life Expectancy
It refers to the average number of years that a person lives from birth to death. Life Expectancy increases due to social and economic development in the country.
Life Expectancy is high in developed countries.
3. Per Capita Income
Per Capita Income refers to the Average National Income. PCI = Total National Income / Total population. PCI indicates the country’s general prosperity.
Per Capita Income is high in developed countries.
4. Literacy Rate
It describes the percentage of people who have acquired the basic level of education.
Literacy Rate is high in developed countries.
5. Productivity Capacity
It describes the extent to which the country can expand its production of goods and services at full employment of its resources and technology.
Productive Capacity is high in developed countries.
6. Purchasing Power
It describes the amount of goods and services which can be purchased by a specified sum of disposable income of a person.
Purchasing Power is stronger in developed countries.
7. Social Amenities
It describes the availability of social services in the country. More social services are available in developed countries.
8. Sectors of Employment
It describes the sector in which the labours of the country are employed. In a developed country more people are employed in the tertiary sector.
9. Possession of consumer durablesIt describes the extent to which the people of the country possess durable consumer goods such as refrigerators, motor cars, television sets etc. In developed countries people possess more consumer durables.