Standard of living
Also called: living standards · Topic: Measuring Development: Income, HDI and Sustainability · NCERT: Class 8, Ch 7 "Factors of Production"
Meaning
Standard of living is the level of material well-being that people enjoy, meaning the goods and services their income can buy. It rises when more people find work and earn more. Countries are usually compared first on per capita income (total income ÷ population), on the idea that more income lets people buy more of what they need.
Example
If more members of a village family find regular paid work, the family can afford better food, clothes and housing. Its standard of living rises.
Don't confuse with
- Quality of life: Standard of living covers material goods and services. Quality of life also counts freedom, security, respect and a clean environment, which money alone often cannot buy.