Standard of living refers to the average quality of life of a population that includes the material and non-material aspects of life. The material aspect or quantitative value of SOL is determined by the quantity of goods and services enjoyed by the individual through the value of real per capita income which can be derived from real GDP, whereas the non-material aspect or qualitative aspect of SOL includes things such as life expectancy, crime rates, education standard, etc.
What is standard of living?
by Simon Ng | Aug 13, 2015 | Economic Indicators, JC Economics Essays, Macroeconomics, National Income Accounting |