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Standard of living is the level of income, comforts and services available to an individual, community or society.A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political, and environmental matters. [1]
In colonial America, the standard of living was high by 18th century standards. Americans could choose their diet from a diverse range of plants and animals from Europe and the Western Hemisphere, and this, combined with favorable weather conditions, ensured that Americans never had to deal with harvest failures.
Quality of life (QOL) is defined by the World Health Organization as "an individual's perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards and concerns".
Americans are filled with angst about the economy and perceived declines in standards of living. Rising inflation has raised anxiety levels, along with losses in the stock market and other factors.
Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...
In this article we take a look at the countries with the highest standard of living in the world. Click to skip ahead and jump to 5 countries with the highest standard of living. In a perfect ...
GDP does not include several factors that influence the standard of living. In particular, it fails to account for: Externalities – Economic growth may entail an increase in negative externalities that are not directly measured in GDP. [81] [82] Increased industrial output might grow GDP, but any pollution is not counted. [83]
For decades, the 4% rule was the de facto standard, offering retirees a simple formula for how much of their nest egg they could withdraw each year in order to make it last for 30 years. (Remember ...