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Standard of Living-A relative measure of the quality of life of a person or group hasOpportunity Cost-the cost of a resource, measured by the value of the next-best, alternative use of that resourceCost Productivity-Revised productivity, hourly compensation, and unit labor costs seasonally adjusted Inflation-An increase in the overall level of prices in an economy, usually measured as the annual percent change in its consumer price index
By: Kelsey Winchester