The term standard of living refers to the amount of goods people can buy with the money they make from their business.

Question

Quizplus · Accepted Answer

The term standard of living refers to the overall level of wealth, comfort, and prosperity that a population or individual enjoys, which encompasses various factors such as income, education, healthcare, and access to basic necessities and amenities. While income is certainly a crucial component of standard of living, it is not synonymous with it, as factors such as inflation, cost of living, and inequality can influence the purchasing power and quality of life of different individuals and groups.

The Term Standard of Living Refers to the Amount of Goods