Standard of living

Standard of living,

Definition of Standard of living:

  1. A standard of living is the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area. The standard of living includes basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity. The standard of living is closely related to quality of life, which can also include factors such as economic and political stability, political and religious freedom, environmental quality, climate, and safety.

  2. The degree of wealth and material comfort available to a person or community.

  3. The standard of living is often used to compare geographic areas, such as the standard of living in the United States versus Canada, or the standard of living in St. Louis versus New York. The standard of living can also be used to compare distinct points in time.

  4. Financial health of a population, as measured by per capita income and consumption of goods and services by individuals or households.

How to use Standard of living in a sentence?

  1. There are a lot of very simplistic statements made about the relative standards of living between the United States and Europe.
  2. One alternative standard of living data set is the HDI, Human Development Index, which uses many factors from life expectancy and education, to GNI, and homicide rates.
  3. The standard of living in the Democratic Republic of the Congo is lower than that of other countries, as many people live in poverty and have a hard time finding food to eat.
  4. What matters most in assessing my livelihood and the quality of it is the standard of living I am experiencing.
  5. Standard of living and quality of life are similar in that they utilize some of the same data, but standard of living represents a more physical aspect of life while quality of life represents the more intangible aspects of life.
  6. Standard of living is the material well being of the average person in a given population. It is typically measured using GDP per capita.
  7. We have an imbalanced standard of living because our minimum and average wages cant keep up with the steady rise in the cost of living.

Meaning of Standard of living & Standard of living Definition