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- Basic living standards can be measured by examining the standard of living1. Factors that can be used to examine the standard of living include (but are not limited to)2:
- Income
- Poverty rates
- Employment
- Social class
- Affordability of commodities (like housing and cars)
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Standard of living focuses on basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity. It is closely related to quality of life, which can also explore factors such as economic and political stability, political and religious freedom, environmental quality, climate, and safety.
www.investopedia.com/terms/s/standard-of-living.aspWhen examining the standard of living, we can turn to factors including (but not limited to):
- income,
- poverty rates,
- employment,
- social class, and
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