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Small differences in economic growth rates can lead to large differences in standards of living due to the effect economic growth has on the life of a person.
Economic growth can be described as the rise of the GDP of a country. Although economic growth can be small but is manages to cause large differences in standards of living.
This s because when we consider economic growth, the whole country's economy is being put into consideration. On an individual level, the small economic outgrowth will provide a larger outcome and a better standard of living. The living impacts of the people of a country are altered completely even though the economic growth may be small.
To learn more about economic growth, click here:
https://brainly.com/question/1690575
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