ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Detailed explanation-2: -The generally accepted measure of the standard of living is GDP per capita. 2 This is a nation’s gross domestic product divided by its population. The GDP is the total output of goods and services produced in a year by everyone within the country’s borders.

Detailed explanation-3: -Standard of Living vs. Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas-or more objective characteristics-whereas quality of life is more subjective and intangible, such as personal liberty or environmental quality.

Detailed explanation-4: -Material living standards include tangible goods and services, like cars, health coverage, etc., while non-material living standards are harder to measure, since they’re made up of intangible things like environment, freedom of speech, free elections, crime rates, and time off work.

Detailed explanation-5: -Standard indicators of the quality of life include wealth, employment, the environment, physical and mental health, education, recreation and leisure time, social belonging, religious beliefs, safety, security and freedom.