Standard of Living
Definition
Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class or geographic area.
Analogy
Imagine you're playing a video game with different levels. Each level represents different standards of living - Level 1 might have basic food and shelter while Level 10 has gourmet meals and luxury homes. Your goal is to keep leveling up!
Related terms
Quality Of Life: The standard health, comfort, and happiness experienced by an individual or group.
Gross Domestic Product (GDP): A measure that reflects the value all goods and services produced within a country in a given year.
Purchasing Power Parity (PPP): A measurement that compares different countries' currencies through a "basket" approach.
"Standard of Living" appears in:
Subjects (2)
Study guides (2)
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