A Decent Standard of Living For All

What Is a Standard of Living?

A standard of living is the

a) level of wealth,
b) comfort,
c) material goods, and
d) necessities
available to a certain socioeconomic class or a certain geographic area.
The standard of living includes basic material factors such as
a. income,
b. gross domestic product (GDP),
c. life expectancy, and
d. economic opportunity.
The standard of living is closely related to quality of life, which can also include factors such
as
A. economic and political stability,
B. political and religious freedom,
C. environmental quality,
D. climate, and
E. safety.
Standard of living, in turn, is one of the important determinants of well-being or
happiness. Obviously, improvement of living standard constitutes the most important objective
of plans and programs of both developed and developing countries.
SOURCES:
https://www.investopedia.com/terms/s/standard-of-living.asp
https://www.grossnationalhappiness.com/9-domains/standard-of-living-and-happiness/