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IGCSE Economics Section Unit 5 Revision Notes 2023
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IGCSE Economics Section Unit 5 Revision Notes 2023. Living standards or standards of living refer to all the factors that 
contribute to a person’s well-being and happiness 
Measuring Living Standards 
 GDP per head/capita: this measures the average income per person 
in an economy. 
Real GDP per capita = Real GDP / Population 
Merits of using GDP per capita to measure living standards: 
 GDP is a useful measure of the total production taking place in the 
country, and so indicates the m...
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