The standard of living is a measure of the material aspects of a national or regional economy. It counts the amount of goods and services produced and available for purchase by a person, family, group, or nation.
Explanation:
Definition of the Standard of Living
The standard of living is different from other measures of quality of life.1 These often include non-material characteristics, such as relationships, freedom, and satisfaction. Indices that attempt to measure quality of life also include the material standard of living measurement. Standard of living is narrowly focused on the value of goods and services produced and consumed.
