How do economics measure a nations standard of living

Yet there is a generally accepted measure for standard of living: average real gross domestic product (GDP) per capita. Let's break it down piece by piece: GDP measures annual economic output — the total value of new goods and services produced within a country's borders.

Think of it as five or above give it a shove. change the 5 or above to the right to a zero and add one to the number on the left.