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

A combination of inflation and stagnant wages over the past several years have served to diminish the overall standard of living for the average wage earner.

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When my boss agreed to relocate our company's offices to South America, he thought that he could save money on rent while still giving employees a high standard of living.

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The standard of living in Hollywood is much higher than that of a place like Chicago or New York and several studies have been conducted on the types of people who live in these places.

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human-life approach per capita income