Living Standard Measures.-

 Living Standard Measures.

Living Standard Measures (LSM): 

Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain  geographical area.

Measures of LSM :

(a) Income,

(b) Quality,

(c) Availability of Employment,

(d) Class disparity,

(e) Poverty Rate,

(0 Quality and affordability of housing,

(g) Inflation rate,

(h) Gross Domestic Product,

(i) Access to free health-care

0) Quality and availability of education,

(k) Infrastructure facilities,

0) National Economic Growth,

(m) Economic and Political Stability,

(n) PoliticalStability

o Standard of living is generally measured by standards such as real (i.e;

inflation adjusted) income per person and poverty rate. Other measures such

as access and quality of heath care, income gfown inequality, Disposable

eners/ (People's disposable income's ability to buy energr) and educational

standards are also used.