standard of living

standard of living definition - business

standard of living

The quality of life enjoyed by an individual, family, or group of people. Economists often view standard of living in terms of real income, or money income adjusted for the cost of living, plus additional adjustments for the effects of pollution, health, leisure time, and so forth.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.