What is Standard of Living?

A standard of livings the amenities a particular area or society offers. For example, the standard of living in the United States is higher than that in most of the world, but lower than that in most modern European countries. This is because people in the United States have spendable income, live long lives, and have access to schools. However, in comparison to modern Europe, wages and job benefits in the United States are low, and the United States does not offer free health care to its citizens.