Standard of living

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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, usually a country. 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, amount of leisure time every year, affordable (or
free) 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.[1]

Contents [hide]
1 Measurement
2 See also
3 References
4 External links
Measurement[edit]
Standard of living is generally measured by standards such as real (i.e. inflation
adjusted) income per person and poverty rate. Other measures such as access and
quality of health care, income growth inequality, and educational standards are
also used. Examples are access to certain goods (such as number of refrigerators
per 1000 people), 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.[citation needed]

The main idea of a 'standard' may be contrasted with the quality of life, which
takes into account not only the material standard of living, but also other more
intangible aspects that make up human life, such as leisure, safety, cultural
resources, social life, physical health, environmental quality issues, etc. More
complex means of measuring well-being must be employed to make such judgements, and
these are very often political, thus controversial. Even between two nations or
societies that have similar material standards of living, quality of life factors
may in fact make one of these places more attractive to a given individual or
group.

See also[edit]
Gini coefficient
Human Development Index
Income and fertility
Index of Economic Freedom
List of countries by Social Progress Index
Measurable economic welfare
Median household income
Right to an adequate standard of living
Total fertility rate
Where-to-be-born Index
Working hours
References[edit]
Jump up ^ "Standard of Living Definition". Investopedia.com. Retrieved 5 November
2011.
External links[edit]
Industrial Revolution and the Standard of Living by Freddy Madero
Commission on Living Standards
Authority control
GND: 4134319-0 NDL: 00570329
Categories: Purchasing powerStandard of living
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This page was last edited on 27 November 2017, at 21:49.
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