00:01
Let's discuss changes in the standard of living in terms of economic principles and how or why exactly these standard of livings have changed.
00:09
Let's begin by discussing ways in which our standard of living is different from the standard of living that our grandparents have experienced, or at least what they experienced when they were our age.
00:20
So there's a couple different things, and it really is, you can kind of use your imagination here.
00:25
It's really a broad spectrum of things over just examining how times have changed.
00:29
So one way in which our living, our standard of living is different than theirs, could be considered in modes of transportation.
00:37
We experience lots of cars on the road with great technologies in them.
00:43
We can listen to music.
00:44
We can listen to bluetooth.
00:46
We have navigation built right into our cars.
00:48
We have heated seats.
00:49
We have moon roofs, sunroofs, right? we have electric vehicles, hybrid vehicles, all these sorts of things.
00:54
So our standard of living in forms of modes of transportation has definite.
01:00
Increased as compared to what our grandparents experienced when they were our age.
01:04
Another one could be food and clothing.
01:08
We can say that food and clothing have evolved over time.
01:11
We have increased the quality of maybe both of these.
01:14
Our food may be a little bit healthier due to higher regulations by the fda.
01:19
Our clothing may be made of better materials due to improvements in manufacturing processes.
01:25
Another possibility is electronics.
01:28
This is a pretty obvious one.
01:30
We experience cell phones, laptops, ipads, even air conditioning is a good example of things that may not have been around during our grandparents ' time when they were our age...