Question

every person's and ultimately every economy's standard of living depends on the effective use of resources true or false

Answer 1

Every person's and ultimately every economy's standard of living depends on the effective use of resources. True

Standard of living is related to the level of wealth, comfort, and other necessities available to a certain society or geographic area. The standard of living is measured by income, employment opportunities, cost of goods and services and poverty.

As we know, resources are scarce, we have to use it in a proper way to derive maximum benefit out of it. A person's standard of living will be high when he/she is able to use scarce resources in an effective way. A person or an economy can increase its income by effectively utilising its scarce resources, by doing so it can minimize its cost and maximize revenue, which in turn, increases its standard of living.

So, every person's and ultimately every economy's standard of living depends on the effective use of resources.