What are the standard of living indicators?

Answer 1

GDP per capita

Answer 2

GDP per capita

Answer 3

The money we make, area we live in and bills determine our standard of living. If you make $50,000 and live in rural Idaho, then you are considered 'well-off' and comfortable. If you make the same amount of money, but live in Seattle, then you are considered barely afloat and probably poor. Housing market is much different in Seattle, than some rural town in Idaho. You will pay less than $100,000 for a 4 bedroom house with tons of space inside and out in Idaho. In Seattle, that same house will cost closer to $500,000.

So it all depends on where you live and how much you make.
Overall quality of life

Answer 4

In simple terms, it is how much money do the people own, and what and how much can they obtain for it. People with relatively a lot of money living in a place with relatively low food, accommodation and living costs have a higher standard of living.

Answer 5

With care. National accounts data tell only part of the story. If you're looking at income, you need to know not just the average but its distribution. If one person gets half of the total amount then the rest are a good deal worse off than if everyone gets the same (unless the entire population is two). If you're comparing countries, you need to use a national income measure that's independent of distortions caused by exchange rates, ie one that measures real purchasing power. If you're comparing over time, you similarly need to use the right price deflator to measure living standards, which may or may not be the same as the GDP deflator.

But there's more involved than just income. Broadly, a richer country will tend to have a higher standard of living, but it may not necessarily be so. "Standard of living" may imply also a less tangible "quality of life", incorporating elements such as working hours, leisure time, health, education or environment: you may also want to look at non-income components as used in the Human Development Index.

Answer 6

The standard of living in a nation or an economy is precisely measured by the annual economic output.