Most traditional measures of living standards have concentrated on measures of material living standard .i.e. the quantity of goods and services which people can enjoy. The most well known indicator is national income. This is a measure of output. the output of goods and services is a continous process so that in trying to measure what is produced we are in fact dealing with a flow and not a stock. we have to measure a flow of output over time and the time period used for this purpose is invariably one year. Noe that the total national product includes services as well as goods, because production is defined as any economic activity which satisfies a want and for which people are prepared to pay a price.
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