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What is "standard of living"

Longman Dictionary of Contemporary English
standard of living
noun
EXAMPLES FROM OTHER ENTRIES
▪ Many cross the border seeking work and a better standard of living.
EXAMPLES FROM CORPUS
▪ Conclusion Adrian probably knows lots of boys whose standard of living is lower than his own.
▪ That great advance in the standard of living is at risk in this election.
▪ The standard of living is another key measure which has its origins in the same source.
▪ The record of capitalism over the past 200 years in transforming the standard of living of the Western world is remarkable.
▪ The world is becoming increasingly interdependent and an improvement in the standard of living of Southerners will be advantageous to the North.
▪ Their standard of living will be assessed in Chapter Seven.
▪ These inventories, therefore, give a sound idea of the standard of living of thousands of ordinary people.
Wiktionary
standard of living

n. A relative measure of the quality of life a person or group has.

WordNet
standard of living

n. a level of material comfort in terms of goods and services available to someone [syn: standard of life]

Wikipedia
Standard of living

Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities, gross domestic product, inflation rate, amount of leisure time every year, affordable (or free) access to quality healthcare, quality and availability of education, life expectancy, incidence of disease, cost of goods and services, infrastructure, national economic growth, economic and political stability, political and religious freedom, environmental quality, climate and safety. The standard of living is closely related to quality of life. In 2013, the Human Development Index ranked the top six countries for quality of living as: Norway, Australia, Switzerland, Netherlands, United States and Germany.