The UN's HDI considers development to be a function of three factors: a decent standard of living,access to knowledge,and a long and healthy life.

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This is correct. The Human Development Index (HDI) created by the United Nations measures a country's development based on these three factors: standard of living (measured by gross domestic product per capita), access to knowledge (measured by years of education), and health (measured by life expectancy at birth).

The UN's HDI Considers Development to Be a Function of Three