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.
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Related Terms
income replacement ratio, per capita income
'standard of living
' appears in the definitions of these terms on BusinessDictionary.com
necessity, welfare state, necessities, social welfare, cost of living
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