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- Standard of living is a measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area12. 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 safety1. Characteristics of standard of living include345:
- Quality and availability of employment
- Class disparity
- Poverty rate
- Quality and affordability of housing
- Hours of work required to purchase necessities
- Gross domestic product (GDP)
- Inflation rate
- Amount of leisure time
- Access to and quality of healthcare
- Quality and availability of education
- Literacy rates
- Life expectancy
- Occurrence of diseases
- Cost of goods and services
- Infrastructure
- Access to, quality and affordability of public transportation
- National economic growth
- Economic and political stability
- Freedom
- Environmental quality
- Climate and safety
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.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…Standard of living might be evaluated using a number of characteristics including as the quality and availability of employment, class disparity, poverty rate, quality and housing affordability, hours of work required to purchase necessities, gross domestic product, inflation rate, amount of leisure time, access to and quality of healthcare, quality and availability of education, literacy rates, life expectancy, occurrence of...
en.wikipedia.org/wiki/Standard_of_livingThe standard of living is based on factors such as income, employment, class, poverty rates, and housing affordability. Because standard of living is closely related to quality of life, it can represent factors such as the ability to afford a home, own a car, and take vacations.courses.lumenlearning.com/suny-intro-to-sociology…Other factors commonly associated with the standard of living include:
- Class disparity
- Poverty rate
- Quality and affordability of housing
- Hours of work required to purchase necessities
www.investopedia.com/articles/financial-theory/08/… - People also ask
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