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Standard of living encompasses wealth beyond income, reflecting the ability to afford a specific lifestyle. It is influenced by factors like wealth distribution, economic indicators, and quality of life.
Standard of living is a measurement that encompasses factors beyond just income, such as education and access to clean running water. It represents the level of wealth available to acquire material necessities and comforts to maintain a specific lifestyle, including factors like literacy rates, poverty rates, and housing affordability.
For example, in the United States, a high standard of living reflects the ability of residents to afford a home, own a car, and take vacations. This is influenced by wealth distribution in a country and the expectations citizens have for their lifestyle.
Measuring standard of living involves assessing various economic indicators such as gross domestic product per capita, household income, wealth distribution, and job security, which impact individuals' quality of life and cultural identity.
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