standard of living

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standard of living

the general level of economic prosperity in an economy as measured by, for example, the level of per capita income (GROSS NATIONAL PRODUCT divided by the size of the POPULATION). A country's standard of living will depend on such things as its level of economic maturity, investment and productivity and the provision by the government of various social welfare programmes. Advanced industrial countries like Japan (income per head $33,990 in 2003) and the UK (income per head $24,230 in 2003) are much more prosperous than developing countries such as the Upper Volta, Chad etc. (whose levels of income per head are less than $500).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

standard of living

the monetary and nonmonetary elements that together make up a person's lifestyle. INCOME PER HEAD is used as a proxy for standard of living, although the PERSONAL DISTRIBUTION OF INCOME will mean that many people's incomes will differ from the average income. Another difficulty lies in assessing those benefits and costs that may improve a person's lifestyle but have no immediately attributable economic value. For example, two people may have identical salaries, but one may live in the country and have splendid scenery peace and quiet, no traffic jams when driving to work and little pollution, while the other may live in an industrial city that has considerable traffic jams, pollution, noise and crime. Monetary comparisons would suggest a similar standard of living, but this may not be the case. See ECONOMIC DEVELOPMENT.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Luxembourg is the EU country with highest living standard (90.8%).
He said that according to forecasts made by international organizations, Estonia's living standard will not reach that of Finland for a while.
Microfinance affects positively people's life, increases living standard such as health, education, food, and other social benefits; and alleviates the poverty.
Some other writers (Sen, 1989; Balcerovick, 2006) have noted that the concept of living standard has been poorly understood and narrowly defined.
The meeting stressed the speed of preparing studies of projects to improve living standards of society within the assistance to be provided by the U.S.
The settlement of the decent or sufficient living standard in the international documents and in the national constitutions of the states determines the states parties to international agreement as well as the national states to appreciate this right as one of their priorities.
However, to facilitate the presentation and examination of distributions, the score range has been divided into seven intervals, which are referred to as "living standard levels".
This means a vicious chain effect--when labor falls, investment falls so that output and living standard fall too.
NORDIC BUSINESS REPORT-9 June 2004-Business leader claims Norwegian living standard is not sustainable - report(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com
But this procedure goes further: It calculates the net contribution of the insured to the family's living standard by subtracting the insured's present values of future tax payments and living expenses from his or her present earnings.
Unfortunately for the people with underdeveloped economies, resources that are necessary to raise their living standard are being consumed by the developed economies.
Editor Gregory Kelly said that, to maintain today's living standard, "today's dentist must become more knowledgeable and involved regarding his/her own personal finances and investments." With the new magazine "dentists can easily comprehend advice and apply it to improve money-management skills, protect growing net worth and avoid common investing mistakes."