GENERAL KNOWLEDGE

Detailed explanation-1: -Standard of living is the material well being of the average person in a given population. It is typically measured using gross domestic product (GDP) per capita.

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 refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can measure happiness.

Detailed explanation-4: -In fact, productivity is the single most important factor in determining standard of living. The generally agreed upon measure for standard of living is the real gross domestic product (GDP) per capita of a country.

Detailed explanation-5: -The definition of standard of living is the level of material wealth and income available to a person or community. It is usually measured by standards such as life expectancy, literacy rates, access to education and health care, and housing conditions.