The "standard of living" of any country means the average person's share of the goods and services which the country produces.
The
``
standard
of
living
''
of
any
country
means
the
average
person
's
share
of
the
goods
and
services
which
the
country
produces
.
A country's standard of living, therefore, depends first and foremost on its capacity to produce wealth.
A
country
's
standard
of
living
,
therefore
,
depends
first
and
foremost
on
its
capacity
to
produce
wealth
.
"Wealth" in this sense is not money, for we do not live on money but on things that money can buy: "goods" such as food and clothing, and "services" such as transport and entertainment.
``
Wealth
''
in
this
sense
is
not
money
,
for
we
do
not
live
on
money
but
on
things
that
money
can
buy
:
``
goods
''
such
as
food
and
clothing
,
and
``
services
''
such
as
transport
and
entertainment
.
A country's capacity to produce wealth depends upon many factors, most of which have an effect on one another.
A
country
's
capacity
to
produce
wealth
depends
upon
many
factors
,
most
of
which
have
an
effect
on
one
another
.
Wealth depends to a great extent upon a country's natural resources, such as coal, gold, and other minerals, water supply and so on.
Wealth
depends
to
a
great
extent
upon
a
country
's
natural
resources
,
such
as
coal
,
gold
,
and
other
minerals
,
water
supply
and
so
on
.
Some regions of the world are well supplied with coal and minerals, and have a fertile soil and a favorable climate; other regions possess perhaps only one of these things, and some regions possess none of them.
Some
regions
of
the
world
are
well
supplied
with
coal
and
minerals
,
and
have
a
fertile
soil
and
a
favorable
climate
;
other
regions
possess
perhaps
only
one
of
these
things
,
and
some
regions
possess
none
of
them
.
The U. S. A is one of the wealthiest regions of the world because she has vast natural resources within her borders, her soil is fertile, and her climate is varied.
The
U.
S.
A
is
one
of
the
wealthiest
regions
of
the
world
because
she
has
vast
natural
resources
within
her
borders
,
her
soil
is
fertile
,
and
her
climate
is
varied
.
The Sahara Desert, on the other hand, is one of the least wealthy.
The
Sahara
Desert
,
on
the
other
hand
,
is
one
of
the
least
wealthy
.
Next to natural resources comes the ability to turn them to use.
Next
to
natural
resources
comes
the
ability
to
turn
them
to
use
.
China is perhaps as well off as the U. S. A. in natural resources, but suffered for many years from civil and external wars, and for this and other reasons was.
China
is
perhaps
as
well
off
as
the
U.
S.
A.
in
natural
resources
,
but
suffered
for
many
years
from
civil
and
external
wars
,
and
for
this
and
other
reasons
was
.
unable to develop her resources.
unable
to
develop
her
resources
.
Sound and stable political conditions, and freedom from foreign invasion, enable a country to develop its natural resources peacefully and steadily, and to produce more wealth than another country equally well served by nature but less well ordered.
Sound
and
stable
political
conditions
,
and
freedom
from
foreign
invasion
,
enable
a
country
to
develop
its
natural
resources
peacefully
and
steadily
,
and
to
produce
more
wealth
than
another
country
equally
well
served
by
nature
but
less
well
ordered
.
Another important factor is the technical efficiency of a country's people.
Another
important
factor
is
the
technical
efficiency
of
a
country
's
people
.
Old countries that have, through many centuries, trained up numerous skilled craftsmen and technicians are better placed to produce wealth than countries whose workers are largely unskilled.
Old
countries
that
have
,
through
many
centuries
,
trained
up
numerous
skilled
craftsmen
and
technicians
are
better
placed
to
produce
wealth
than
countries
whose
workers
are
largely
unskilled
.
Wealth also produces wealth.
Wealth
also
produces
wealth
.
As a country becomes wealthier, its people have a large margin for saving, and can put their savings into factories and machines which will help workers to turn out more goods in their working day.
As
a
country
becomes
wealthier
,
its
people
have
a
large
margin
for
saving
,
and
can
put
their
savings
into
factories
and
machines
which
will
help
workers
to
turn
out
more
goods
in
their
working
day
.
The "standard of living" of any country means the average person's share of the goods and services which the country produces. A country's standard of living, therefore, depends first and foremost on its capacity to produce wealth. "Wealth" in this sense is not money, for we do not live on money but on things that money can buy: "goods" such as food and clothing, and "services" such as transport and entertainment.  A country's capacity to produce wealth depends upon many factors, most of which have an effect on one another. Wealth depends to a great extent upon a country's natural resources, such as coal, gold, and other minerals, water supply and so on. Some regions of the world are well supplied with coal and minerals, and have a fertile soil and a favorable climate; other regions possess perhaps only one of these things, and some regions possess none of them. The U. S. A is one of the wealthiest regions of the world because she has vast natural resources within her borders, her soil is fertile, and her climate is varied. The Sahara Desert, on the other hand, is one of the least wealthy.  Next to natural resources comes the ability to turn them to use. China is perhaps as well off as the U. S. A. in natural resources, but suffered for many years from civil and external wars, and for this and other reasons was. unable to develop her resources. Sound and stable political conditions, and freedom from foreign invasion, enable a country to develop its natural resources peacefully and steadily, and to produce more wealth than another country equally well served by nature but less well ordered. Another important factor is the technical efficiency of a country's people. Old countries that have, through many centuries, trained up numerous skilled craftsmen and technicians are better placed to produce wealth than countries whose workers are largely unskilled. Wealth also produces wealth. As a country becomes wealthier, its people have a large margin for saving, and can put their savings into factories and machines which will help workers to turn out more goods in their working day.