Standard of Living

Standard of living refers to the level of wealth, comfort, and access to goods and services that people in a society enjoy. It measures factors like income, employment, healthcare, education, housing, and overall quality of life. A higher standard of living indicates better economic and social conditions, allowing individuals to meet their needs and pursue a comfortable, healthy, and fulfilling life. Conversely, a lower standard reflects limited resources and opportunities. It’s a way to compare how well off people are across different regions or countries, highlighting disparities and progress over time.