A measure of the quality of life based on the amounts and kinds of goods and services a person can buy is known as the Standard of Living
Meaning of Standard of Living
Standard of living can be defined as a quality or description attributed to an individual or a community for their life experience, values, and conditions.
Standard of living can be grouped into three major types which describes the different economic class of people.
In conclusion, A measure of the quality of life-based on the amounts and kinds of goods and services a person can buy is known as the Standard of Living
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