Standard Of Living

What does 'Standard Of Living' mean


BREAKING DOWN 'Standard Of Living'

The standard of living is often used to compare geographic areas, such as the standard of living in the United States versus Canada, or the standard of living in St. Louis versus New York. The standard of living can also be used to compare distinct points in time. For example, compared with a century ago, the standard of living in the United States has improved greatly. The same amount of work buys an increased quantity of goods, and items that were once luxuries, such as refrigerators and automobiles, are now widely available. As well, leisure time and life expectancy have increased, and annual hours worked have decreased.

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