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  2. Dictionary

    stand·ard of liv·ing
    [ˈstandərd əv, ə ˈliviNG]
    noun
    standard of living (noun) · standards of living (plural noun)
    1. the degree of wealth and material comfort available to a person or community.
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    What is a standard of living?Standard of living is the amount of goods and services available to purchase in a country. Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living. GDP measures all transactions within a country's boundary, while GNI includes those who live abroad.
    What is the difference between GDP and standard of living?“Standard of living,” though, is a broader term than GDP per capita. While GDP focuses on production that is bought and sold in markets, standard of living includes all elements that affect people’s well-being, whether they are market transactions or not.
    What is the difference between standard of living and cost of living?The standard of living includes basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity.” Some people mistakenly use the two terms with the same meaning. They are, in fact, completely different. The cost of living reflects how much money individuals require to live.
    What is standard of living in social science?standard of living, in social science, the aspirations of an individual or group for goods and services. Alternatively, the term is applied specifically to a measure of the consumption of goods and services by an individual or group, sometimes called “level of living” (what is) as opposed to “standard” (what is desired).
     
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    WEBMay 13, 2022 · Learn what standard of living means and how it is measured by different indicators. Compare the standard of living across countries …

  9. Standard of Living - USAFacts

    WEBFeb 7, 2023 · Learn how the standard of living in the US is measured by income, poverty, GDP, and government spending. See statistics and charts on how it varies by race, state, and over time.

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