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standard of living Definition

standard of living

noun

a level of subsistence, as of a nation, social class, or person, with reference to the adequacy of necessities and comforts in daily life

standard of living Finance Definition
A measurement of how well off a group of people or an individual perceive themselves to be. Standard of living takes into account the quality of housing, medical care, education, transportation, and entertainment opportunities. There is no objective, single measure of standard of living; rather, it is a value judgment made by individuals. However, to inject a degree of objectivity, sometimes annual per capita income figures are used to compare different standards of living.