standard of living
- noun the quality of personal home life (such as amount of food or clothes bought, size of family car, etc.)
- (written as Standard of Living)An economic measure of individuals' welfare. Often calculated as an index of the value of an average person's consumption (with suitable weights for children and other dependants). Most economists would argue that savings contribute to welfare, if only for the utility of security, so consumption is an underestimate: income as a whole is better. Both income and consumption methods typically also understate or exclude subsidized and free-of-charge goods and services and take no account of externalities. In health economics, measures of the standard of living have been important in providing a benchmark for studies of equity, for example in comparing the differential health or access to health care of people having different standards of living.
- noun the quality of personal home life, measured by things such as the amount of food or clothes bought, or size of the family car
- noun the quality of personal home life, e.g. the amount of food or clothes bought, the size of the family car, money spent on leisure activities.