Human Development
Standard of living
Description:
The level of living of an individual, group or country refers to some qualitative/quantitative assessment of the conditions in which that person or those people are living, in terms of budget available for goods and services, the costs of those goods and services, and the proportion of income spent on basic commodities (food, housing, clothing, fuel, lighting). This is termed [objective] standard of living. The [subjective] standard of living is seen as the conditions to which a person or people aspire.