Standard of living

level of ownership and consumption of goods and services

Standard of living usually refers to the economic level of an individual, family, or nation. People can measure it by the value of the goods and services produced or used by the individual, family, or nation in a period of time.

Article 25 of the Universal Declaration of Human Rights affirms a good standard of living as a human right with enough food, clothing, housing, social security and aid when having difficult situation, such as joblessness, illness, disability, losing one's partner, and being old. Article 11 of the International Covenant on Economic, Social and Cultural Rights affirms this as well.

Quality of lifeEdit

Some measures try to take non-material things into account when trying to understand how people live. In an Economist study in 2005 Ireland was rated highest in quality of living, while Zimbabwe was seen as having one of the worst quality of life rates in the world.

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