Standard of Living
Reviewed by Sep 30, 2020| Updated on
Standard of living refers to the degree to which a person can afford necessities, comforts, and luxuries. Generally, the accepted measure for knowing the standard of living can be the GDP per capita. It is a nation's gross domestic product as divided by its population.
What is Meant by the 'Standard of Living'?
People's standard of living means the amount and quality of the products they consume. It is a well-known fact that if an individual exercises specific wills long enough in a particular way, they will recur and become habits. The standard of living is his way of life, covering the goods and services a person is habituated to use for his everyday life.
A person's standard of living is not determined solely by himself or by his desires and wishes. He also has to remember what society is demanding of him. Therefore, it is a compromise between what he considers himself and what society expects.
Distinction Between the Standard of Living and Standard of Life
Sometimes a distinction must be made between the standard of living and standard of life. Standard of living refers to our daily spending scale, the goods we buy, and the services we enjoy, our attitude, and values. Whereas, the standard of life is a much broader term. This refers to the values adopted in one's life. It involves the spending of an individual on his non-material needs.
Factors Determining Standard of Living in a Country
The government of a country continuously aims to provide a good standard of living for its people. Yet, different countries offer their people with varying levels of living. There are marked differences in the standards of living of people in various countries around the world.
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