Standard of living

Definition

Standard of living is the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. It encompasses factors such as income, quality and availability of housing, hours of work required to purchase necessities, gross domestic product, etc.

Related terms

Socioeconomic Status:

The social standing or class of an individual or group often measured by education, income, and occupation.

Poverty Line:

A threshold set by governments or organizations to define the minimum income necessary to cover basic needs; living below this line signifies poverty.

Gross Domestic Product (GDP):

The total value of all goods and services produced over a specific time period within a country; it is often used as an indicator of economic health and living standards