Question

What are the four other factors that determine the economic standard of living around the world?

Short answer

Geography, demography, industrial structure and institutions.

Step-by-step solution

Step 1. Define standard of living.

The amount of money, amenities, and services available to a community or region, instead of an individual, is referred to as the standard of life.

Step 2. Four other factors that determine the economic standard of living around the world.

Geography, demographics, industrial structure, and institutions are the four other elements that influence the global economic standard of life.

The study of population demographics in response to geographical conditions is known as demography.

Geography is the science of evaluating the distributions of the earth's resources in the context of processes such as soil movement and water movement over land.

The industrial framework of a country's economic activity is defined as the generation of human material provisions.

Institutions can be described as a long-standing custom or practise, a group of people formed for a specific purpose, or a location where the group of people resides.