What does "standard of living" refer to?

"Standard of living" refers to the level of wealth, comfort, and material goods available to an individual or group. It encompasses various indicators such as income, employment, class disparity, poverty rate, and housing affordability, which contribute to the general quality of life that people experience. When considering what individuals expect and require to lead a comfortable and fulfilling life, including access to necessities like healthcare, education, and safety, the concept of standard of living becomes clear. It reflects not just monetary wealth but also the overall quality and satisfaction derived from one’s life circumstances.

This choice accurately aligns with the broader understanding of how individuals gauge their well-being and societal standing, distinguishing it from other economic terms that focus on production or employment metrics.