standard of living

     

The stanard of living refers to the quality and quantity of goods and services available to people, and the way these goods and services are distributed within a population. It is generally measured by standards such as income inequality, poverty rate, real (i.e. inflation adjusted) income per person. Other measures such as access and quality of health care, educational standards and social rights are often used as well. Examples are access to certain goods (such as number of refrigerators per 1000 people), or measures of health such as life desires. It is the ease by which people living in a time or place are able to satisfy their wants.

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