How is standard of living measured

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Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Table of Contents Expand. Table of Contents. Definition of the Standard of Living. How the Standard of Living Is Measured. Other Ways to Measure Quality of Life. Countries With the Highest Standard of Living. By Kimberly Amadeo.

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Key Takeaways Standard of living is the material well being of the average person in a given population. It is typically measured using gross domestic product GDP per capita. Standard of living and quality of life utilize some of the same data, but standard of living represents a more physical aspect of life while quality of life represents the more intangible aspects.

One alternative standard of living data set is the Human Development Index HDI , which uses many factors from life expectancy and education, to gross national income GNI , and homicide rates. Standard of living is generally measured using per capita GDP. Measure content performance.

Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Markets International Markets. Standard of Living vs. Quality of Life: An Overview Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Key Takeaways Standard of living is a tangible, quantifiable term that refers to factors available to a certain socioeconomic class or geographic area.

Quality of life is a subjective term that can measure happiness. Both can be flawed indicators because the factors can vary between people in the same geographic area or socioeconomic class. Article Sources. Investopedia requires writers to use primary sources to support their work.

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