What are the four other factors that determine the economic standard of living around the world?

The term standard of living implies the availability of goods, services, and income for a population to lead a comfortable life. Economic growth should be accompanied with an improvement in standard of living.

a) Geography.

b) Demography.

c) Industrial structure.

d) Institution.

Countries have geographic difference, some have extensive coastline, some are land locked etc. Thus, it plays major role to determine the standard of living.

Countries also have considerable difference in the age distribution of the population which is scenario to determine the development of a country.

High income economies of the world show difference in industrial structure. Very less percentage of GDP comes from agriculture. Thus, the industrial structure shows the growth of GDP of a country.

Difference in economic institutions also contributes to differences in standard of living. For instance, extremely market oriented countries perform better than command economies.