Standard of living - wikipedia Standard of living This article may require cleanup to meet Wikipedia 's quality standards. The specific problem is : the content is unclear and potentially misleading Please help improve this article if you can. ( November 2017 ) This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( February 2011 ) 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. Contents 1 Measurement 2 See also 3 References 4 External links Measurement 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. 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 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 Quality of life Right to an adequate standard of living Total fertility rate Where - to - be-born Index Working hours References Jump up ^ `` Standard of Living Definition ''. Investopedia.com. Retrieved 5 November 2011. External links Industrial Revolution and the Standard of Living by Freddy Madero Commission on Living Standards GND : 4134319 - 0 NDL : 00570329 Retrieved from `` https://en.wikipedia.org/w/index.php?title=Standard_of_living&oldid=861962714 '' Categories : Purchasing power Standard of living Hidden categories : Articles needing cleanup from November 2017 All pages needing cleanup Cleanup tagged articles with a reason field from November 2017 Wikipedia pages needing cleanup from November 2017 Articles needing additional references from February 2011 All articles needing additional references All articles with unsourced statements Articles with unsourced statements from January 2011 Wikipedia articles with GND identifiers Wikipedia articles with NDL identifiers Talk Contents About Wikipedia Български Català Čeština Dansk Deutsch Eesti Español Esperanto Euskara فارسی Français 한국어 Հայերեն हिन्दी Hrvatski Bahasa Indonesia Italiano עברית Қазақша Latviešu Lietuvių Македонски Bahasa Melayu Nederlands 日本 語 Norsk Олык марий Português Русский Simple English Slovenčina Slovenščina Soomaaliga Српски / srpski Srpskohrvatski / српскохрватски Suomi Svenska Українська اردو Tiếng Việt 中文 33 more Edit links This page was last edited on 1 October 2018, at 08 : 05 ( UTC ). About Wikipedia

Question: what is the definition of standard of living
Answer: the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area, usually a country