Question

In Module 2 we went over gross domestic product and gdp per capita. Compare your current standard of living with that of your parents. Ask them or somebody you know around their age to recall where they were living, what they owned and if available how much (a price) something cost them then (house, car, their wage). What has happened to the average standard living over the past 30+ years? Be sure to include examples from your conversation.

Answer 1

Our standard of living is different from our parents.We have lot more money than our parents had.Our parents brought up more kids than we do now.Most children in junior class wore nice dresses but it was not there for us .Households did not have modern gadgets as we have now. Parents could not send their children for higher education as we do now. They did not have cars and now every household has two or more cars .Every family did not own a house and lived in rented apartments throughout their lives . Now we own two or more houses.Now we have good life which is due to education .Our lives are filled with pleasure but their's was hard life.

In the past 30 years the average standard of living has improved even though current cost of living is higher than before.Every household has modern gadgets ,cars and houses which was a dream 30 years back . In regard to essential goods , prices have risen and there is inflation which was not there before.Money has less buying power than it was 30 years back.Salary now is much higher than it was before . As for example-people used to earn very less but since purchasing power of money was high, they could live comfortably. So now each dollar buys less than it did 30 years back.