Definitions for standard of living
This page provides all possible meanings and translations of the word standard of living
standard of living, standard of life(noun)
a level of material comfort in terms of goods and services available to someone or some group
"they enjoyed the highest standard of living in the country"; "the lower the standard of living the easier it is to introduce an autocratic production system"
standard of living(Noun)
A relative measure of the quality of life of a person or group has.
Standard of living
Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities, gross domestic product, inflation rate, number of vacation days per year, affordable access to quality healthcare, quality and availability of education, life expectancy, incidence of disease, cost of goods and services, infrastructure, national economic growth, economic and political stability, political and religious freedom, environmental quality, climate and safety. The standard of living is closely related to quality of life. Standard of living is generally measured by standards such as real income per person and poverty rate. Other measures such as access and quality of health care, income growth inequality, Disposable Energy and educational standards are also used. Examples are access to certain goods, or measures of health such as life expectancy. It is the ease by which people living in a time or place are able to satisfy their needs and/or wants.
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"standard of living." Definitions.net. STANDS4 LLC, 2015. Web. 28 May 2015. <http://www.definitions.net/definition/standard of living>.