Goals of Macroeconomics: Improved Standard of Living
The goal of improved standard of living is the degree to which people have access to goods and services to make their lives healthier, safer and more enjoyable.To improve the standard of living you must have better health care, education, cleaner environment, access to more entertainment etc.
It is measured by the Gross National Income Per Capita (wages+interest+rent+profit) The GNI per capita looks at Canadians regardless of where they live. It shows how well Canadians are doing. To gain a better standard of living there has to be an increase of real income (income adjusted for inflation), however, this does not mean that all Canadians will be better off. It does not take into account the impact on the environment or crime rate.
It is also measured by the Human Development Index,poverty rate and education. The HDI looks at a combination of income, life expectancy, and literacy.
The US has a higher Gross National Income per capita than Canada. This shows that the US has a higher standard of living. They will be able to spend more on healthcare, education, and entertainment.
Dr. Stephanie Powers, "Goals"(Lecture,Donald School of Business, Red Deer AB, Winter 2012)
The goal of improved standard of living is the degree to which people have access to goods and services to make their lives healthier, safer and more enjoyable.To improve the standard of living you must have better health care, education, cleaner environment, access to more entertainment etc.
It is measured by the Gross National Income Per Capita (wages+interest+rent+profit) The GNI per capita looks at Canadians regardless of where they live. It shows how well Canadians are doing. To gain a better standard of living there has to be an increase of real income (income adjusted for inflation), however, this does not mean that all Canadians will be better off. It does not take into account the impact on the environment or crime rate.
It is also measured by the Human Development Index,poverty rate and education. The HDI looks at a combination of income, life expectancy, and literacy.
The US has a higher Gross National Income per capita than Canada. This shows that the US has a higher standard of living. They will be able to spend more on healthcare, education, and entertainment.
Dr. Stephanie Powers, "Goals"(Lecture,Donald School of Business, Red Deer AB, Winter 2012)