Standard of Living
Definition
Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.
Related terms
Gross Domestic Product (GDP): This is the total value of all goods and services produced by an economy over a specific time period.
Income Inequality: This term refers to an uneven distribution of income across populations.
Quality Of Life Index: It's an estimation of overall well-being which takes into account not just wealth but also health care access , education quality , safety etc.
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