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does consumption of goods increase our standards of living? why or why not

does consumption of goods increase our standards of living? why or why not
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Answer #1

Yes, consumption of goods improves the satisfaction, wellbeing and happiness which leads to increase of our standards of living. Standard of living is calculated based on how well a particular person lives by satisfying all the needs and consumption of goods, cloths are the first and the basic requirements. By observing the consumption of goods, we can say how well the standard of living of a specific person or group of persons improves or declines.

Therefore, consumption of goods increases the standard of living..

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