Living standards

Definition (http://en.wikipedia.org/wiki/Living_standards)

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. The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities, gross domestic product, inflation rate, number of holiday days per year, affordable (or free) access to quality healthcare, quality and availability of education, life expectancy, incidence of disease, cost of goods and services, infrastructure, national economic growth, economic and political and stability, political and religious freedom, environmental quality, climate and safety. The standard of living is closely related to quality of life. (Wikipedia)

Preferred Units: N/A

Scope Note:
N/A

This term is used for the following terms: 
Cost of living
Living conditions
Prosperity
Standard of living

Approved Date
12-Dec-2013

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