Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Synthesizing Suppose you were told that you would
earn $95,000 in 2020. Explain why this information
would say little about the standard of living you might
enjoy. What other information would you need before
you could evaluate how well you could live in 2020?


Sagot :

Answer:

The nominal earnings is only one side of the story. The thing that matters is what the earnings would be able to buy. Hence, we need to know how the prices are going to change, and what are is the expected inflation. If the inflation is very high, the same nominal money would be able to buy less goods and if the inflation is more, the same nominal money would be able to buy more goods.

Explanation:

The answer is the explanation

Before evaluating how well I could live in 2020, there are several other factors that need to be evaluated.

Evaluation for living

Many things need to be evaluated. These include the rise in price of every thing from food, petrol, and other basic necessities. It is important to note that what our earnings would be able to buy. Earnings will decide how better can we live in 2020.

Standard of living

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Standard of living is relevant because it is considered to contribute to an individual's quality of life.

Thus, many things need to be evaluated before deciding how well we are going to live in 2020.

Learn more here- https://brainly.com/question/10629222

#SPJ2