Developing countries are countries that have a low standard of living. These countries usually have a low gross national income per capita even though they are in an economical development. They also have a high gross domestic product per capita. Another economic measure is also industrialization. Then developing countries are countries that have a low standard living. These countries usually have a low gross national income per capita even though they are in an economical development. They also have a high gross domestic product per capita. Another economic measure is also industrialization. The fundamental reason for the differences in the levels of living between different countries is the difference in their levels of national income. The level of national income depends upon the total volume of production in the country. In developing countries, low production rates and struggling labor market characteristics are usually paired with relatively low levels of education, poor infrastructure, improper sanitation, limited access to health care, and lower costs of living. While Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas—or more objective characteristics whereas quality of life is more subjective and intangible, such as personal liberty or environmental quality. First World countries are usually determined include GDP, GNP, literacy rates, life expectancy, and the Human Development Index. In common usage, "first world" typically refers to "the highly developed industrialized nations often considered the westernized countries of the world". In most cases a high living standard is determined by factoring a region's gross domestic product (GDP), life expectancy, and income into the amount of wealth, luxury goods, necessities, and comforts available to a certain socioeconomic group. The main difference between the cost of living and standard of living is, the cost of living denotes the cost required to pay to live a life with comfortable basic requirements whereas the standard of living means the lifestyle that a place can provide. Third world countries are all the other countries that did not pick a side. This includes most of Africa, Asia and Latin America. As a society, the term “third world country” refers to countries with high mortality rates, especially infant mortality rates. They also have an unstable and inconsistent economy. Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. Standard of living is relevant because it is considered to contribute to an individual's quality of life. A standard based on needs and not on wants. A standard below which no one should be expected to live. the goods, services and activities which allow for an MESL. (comprises over 2,000 items) define minimum needs for households to live at a socially acceptable level. Inflation affects every economic unit of the economy- consumers, firms, business units, and the government. Fixed incomes earners like pensioners, daily wage earners, manual workers, small vendors, workers in small enterprises and in private low-income jobs are all badly affected by the continuous rise in prices. Most Americans are more satisfied with their lives than the OECD average. When asked to rate their general satisfaction with life on a scale from 0 to 10, people in the United States gave it a 6.9 grade on average, higher than the OECD average of 6.5. Among Indian cities with a population of more than a million, Bengaluru has emerged as the best city on ease of living parameters among 49 million-plus cities in 2020. The IT capital of India has pushed the earlier top ranker Pune to number two, while Ahmedabad ranked the third among 111 other cities. These countries face numerous problems like poverty, unemployment, uncontrolled population, high infant mortality rate, lack of industrialisation. The reasons for these problems are many, and there are different theories which attempt to explain third world underdevelopment. After all, per capita GDP cannot fully capture the quality of life. Many other factors have a large impact on the standard of living, like health, education, human rights, crime and personal safety, and environmental quality. According to economist Hernando de Soto, in poor countries the main road block to growth is not lack of wealth. In emerging countries, for most people access to credit is almost impossible, because most people do not “legally”.
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