Question

When economists talk about the "standard of living," they are generally referring to: the level of overall well-being enjoyed by an economy. the amount of money that an economy has created to spend. the amount of investment and technology an economy has acheived. the level of government intervention in the economy's production of goods and services?

Answer 1

When economists define standard of living, they typically explain it as the level of overall well-being enjoyed by an economy.

Aspects that include standard of living are numerous, some examples being income, poverty rate, housing quality and affordability, work hours needed to purchase daily necessities, and healthcare. This concept is often associated with quality of life.