standard of living
Also known as living standards
level of ownership and consumption of goods and services
AI overview
Standard of living is a measure of how many goods and services people own and consume, reflecting their material comfort and quality of life. It matters because it helps us understand and compare how well people are doing economically in different places or at different times.
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Standard of living is the level of income, comforts and services available to an individual, community or society. A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political, and environmental matters. Individuals or groups use the standard of living to evaluate where to live in the world, or when assessing the success of society.
In international law, an "adequate standard of living" was first described in the Universal Declaration of Human Rights and further described in the International Covenant on Economic, Social and Cultural Rights. To evaluate the impact of policy for sustainable development, different disciplines have defined Decent Living Standards in order to evaluate or compare relative living experience.