Concept information
Preferred term
measuring standards of living
Definition
- Measuring standards of living is the process of assessing the level of economic welfare and consumer satisfaction, strictly in terms of economic well-being, of a given economic context. The standard of living determines a household's or a consumer's ability to purchase goods and services from which utility is then derived in a certain time or place. [Source: Encyclopedia of Consumer Culture; Measuring Standards of Living]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/measuring_standards_of_living
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