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- Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area123. It includes basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity2. Other factors that determine a standard of living include physical health, quality of the environment, housing availability, personal safety, and access to education, medical facilities, and social services3.
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 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.www.investopedia.com/terms/s/standard-of-living.asp“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.”marketbusinessnews.com/financial-glossary/stand…A standard of living is the level of material comfort, or quality of life, enjoyed by an individual or group. Factors that determine a standard of living include income, physical health, quality of the environment, housing availability, life expectancy, personal safety, and access to education, medical facilities, and social services.www.encyclopedia.com/social-sciences-and-law/ec… - People also ask
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