ABSTRACT
Nations that prosper are better able to provide for their citizens’ basic needs and help them improve their quality of life . Once the basic needs of people are met (food, clothing, shelter, security, and health), they aspire for things that may be categorized as luxuries . Items such as the quality of clothing, size of housing, cultural needs, enjoyment of leisure time, and personal hobbies fall in this category . The ability of people to achieve these luxuries depends on their standard of living . Prosperity and the living standard are thus tied-greater the prosperity of a society, higher its standard of living and vice versa .
