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: -How the Standard of Living Is Measured. 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: -Factors Used in Evaluating the Standard of Living Other factors that may be included in examining the standard of living in an area are things such as access to medical care, educational opportunities, infrastructure, housing affordability, climate, crime rate, and the level of economic stability in the area.

Detailed explanation-5: -High standard of living results in more demand for comfort and luxury products, whereas a low standard of living less demand for comfort and luxury products. It is based on both the quality and quantity of the available goods and services and how they are distributed among the population.