Answer to Question #303634 in Microeconomics for abir

Question

Suppose you are a first year university student.

a. In what ways is your standard of living different from that of your (i) parents

and (ii) grandparents when they were your age?

b. Why have these changes occurred?

Answer 1

The standard of living of modern students differs significantly from their parents, grandparents. This was facilitated by the technological development of society. But, these technological changes happened precisely thanks to parents and grandparents. Therefore, modern students should be grateful to their ancestors.