The kind of life that people can afford is largely dependent on the income they earn. For example, people with higher incomes have easy access to things such as clothing and food and can even afford some luxuries.
The kind of life that people can afford is largely dependent on
the income they earn. For example, people with higher incomes have
easy access to things such as clothing and food and can even afford
some luxuries. On the other hand, persons who have low incomes have
difficulties meeting their necessities, not to mention luxuries.
They are, therefore, subject to poor living standards.
ii. Technology
Technology improves people’s standards of living by making
some tasks easier to perform. For example, by adopting new
technologies, people who run private business can increase their
production levels and incur lesser labor costs. This is beneficial
to the owners as it is likely to raise the company’s profit margin.
iii. The home country’s inflation rate
The levels of inflation in a particular economy determine the
cost of both goods and services. Therefore, in instances when
inflation is high, people need more money to maintain their current
living standards; otherwise they are driven to poor living
standards. However, individuals’ living standards are likely to
improve when there is a reduced inflation rate.
iv. Availability of healthcare
The availability of healthcare influences living standards
since only healthy people promise high productivity levels. This
implies that when healthcare is inaccessible, those affected are
less productive, hence earn less. This makes it hard for them to
afford some of the things that they would need, lowering their
living standards.
v. Availability of education
Through education, people gain expertise that they can use to
earn income. Lack and poverty are therefore prevalent in areas that
have high illiteracy levels.
The post The kind of life that people can afford is largely dependent on the income they earn. For example, people with higher incomes have easy access to things such as clothing and food and can even afford some luxuries. appeared first on Wise Papers.
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