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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?“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.”
    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 the difference between standard of living and quality of life?Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas—or, more objectively, measures of income and consumption. Quality of life is more subjective and intangible. This happiness economic metric includes such things that impact human well-being.
     
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    WebLearn what standard of living means in economics and social science, and how it differs from cost of living and quality of life. Find out how GDP per capita, productivity, and other indicators measure standard of …

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  14. Standard of Living: Definition, Measure, by Country, …

    WebMay 13, 2022 · Learn what standard of living means and how it is measured by different indicators. Compare the standard of living across countries and regions and see examples of factors that affect it.

  15. 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.

  16. Standard of living Definition & Meaning | Britannica Dictionary

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  19. standard of living noun - Definition, pictures, pronunciation and …

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