What does the concept of standard of living mean?

a. per capita income

c. measure of production

b. quality of life

d. none of the above

The concept of standard of living means d) none of the above. The concept of standard of living means the height or lack of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. This includes income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, people, hours of work required to purchase necessities, gross domestic product, inflation rate, number of holiday days per year, affordable (or free access) to 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.