Standard of Living Law and Legal Definition

Standard of living is a measurement of material comfort of an individual, group, or nation, as measured by the goods, services, and luxuries available. A popular measurement of standard of living is gross national income per capita. Standard of living is an analysis that leaves out certain other important factors in a person's quality of life, such as environmental factors, crime, etc. Any particular person's standard of living must be performed on an individual basis, taking many factors into account and taking an average measure of yearly or monthly expenditures and consumption.