Accounting and Finance Foundations

Unit 12

Accounting and Finance Foundations Unit 12: Budgeting and Business Plans 930

Budgeting and Business Plans Student Guide

28.1.4 Standard of Living Questions

1. What kinds of choices did you have to make? What did you have to give up? What could you afford?


2. How did your monthly income compare with that of individuals who had a level of education different
   from yours?


3. Explain what standard of living means.


4. What is human capital, and how can you improve yours?


5. In general, what is the relationship between the amount of income you earn and your level
   of education?


6. What is the relationship between the amount of income you earn and your standard of living?

SOURCE: Watts, M.; McCorkle, S.; Meszaros, B.T.; Schug, M.C.; & Becker, S. (2003). Focus: High school economics

(2nd ed.) [pp. 97–112]. New York: National Council on Economic Education.

Chapter 28