standard of living

Definition

The financial health of a population, as measured by the quantity of consumption by the members of that population. The measure most frequently used to estimate standard of living is gross national income per capita. One drawback to the standard of living measurement is that it does not take into account some factors which are important but hard to quantify, such as crime rate or environmental impact.

Use standard of living in a sentence

Mentioned in these terms

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
human-life approach income replacement ratio