Standard of Living

The word standard means a comparison between same or similar processes and situations, once they are measured. The gap between a present situation and the standard allows one to see the problems in a process. Standard of living allows a comparison among different regions, countries, or social groups, under a certain set of criteria, and saves the poverty problem from relativity. Describing and measuring the concept of standard of living includes various dimensions and differs upon time, place, and individual. Standard of living is characterized by the level of welfare that is measured through a range of criteria, such as housing, food, health, education, transport, and employment, and is indicated by per capita income. The concept includes the goods that individuals purchase, as well as ...