In other words, standard of living of the people means the quantity and quality of their consumption.
If their income decreases, through job loss, for example, they might consider their standard of living to be decreasing along with it, however is this the case? If you consider the other factors that make up standard of living, then chances are your overall standard of living is still quite good, despite your present lack of income.
Standard of living is somewhat of a flawed indicator, however. Looking at our earlier list, while the United States, for example, might be considered to rank highly in all of these areas, most people would agree that for some segments of the population, the standard of living in the United States is actually quite low.
Similar to the standard of living, what would be considered a good quality of life by one person, may not be considered as such by another. The earlier list of quality of life factors might also be considered to be a list of things the United States offers.
The Bottom Line The main difference between standard of living and quality of life is that the former is more objective, while the latter is more subjective. Standard of living factors such as gross domestic product, poverty rate and environmental quality, can all be measured and defined with numbers, while quality of life factors like equal protection of the lawfreedom from discrimination and freedom of religion, are more difficult to measure and are particularly qualitative.
Both indicators are flawed, but they can help us get a general picture of what life is like in a particular location at a particular time. Trading Center Want to learn how to invest? Get a free 10 week email series that will teach you how to start investing. Delivered twice a week, straight to your inbox.The standard of living develops because of a composition of various factors that influence the quality of life.
The primary determinant is income.
Household income determines the level of living as it determines the purchasing power and earning of a person. Oct 19, · A number of different factors contribute to a high standard of living, but some of the most important include the total profitability of the nation or region as a whole, the employment opportunities and income available to residents, and the ease of access to affordable goods and services.
Medical. Standard of living is a composite of different factors that are generally believed to enhance the quality of life of individuals in a population.
The following is a list of factors that are used. Standard of living is a measure of the prosperity of, and quality of, life in a country.
Various economic and noneconomic factors affect a nation's standard of living, including income, healthcare, education, housing, crime rates, environmental health, social services, and political and social freedoms.
FACTORS AFFECTING STANDARD OF LIVING DIFFERENCE IN COST OF LIVING A higher National Income figure is required to maintain a high cost of living.
Therefore, if the cost of living is higher in country B, the standard of living cannot be three times higher. The factors affecting the standard of living have been discussed below, in respect of country and individual separately.
A. Factors of which the standard of living in a country depends. Level of national income (output): The level of national income depends upon .