standard of living
Definition
Standard of living refers to the overall level of well-being and quality of life enjoyed by individuals or groups in an economy.
Related terms
Human Development Index (HDI): A composite index that measures a country's standard of living based on life expectancy, education levels, and income per capita.
Disposable income: The amount of money available after taxes for individuals or households to spend or save.
Poverty line: A threshold set by governments that defines the minimum income level required for basic necessities.
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