What is a standard of living?
The standard of living is the amount and the quality of commodity that is consumed by the individual or by the family.
Individuals and families differ from their standard of living. This can be observed on the value of products or services that they acquire such as the foods, clothing, shelter, means of transportation and other else.
There are several factors which contributes to the standard of living; these are the Money Income, the Occupation, the Culture and education of the Family members, the Size of the Family, the Nationality and the Efficiency in Spending.
The Money Income measures the amount of cash that is being gained. The bigger it is, the better the standard of living is as it provides more financial capabilities to acquire better and valuable services and commodities.
The Occupation is also a factor in determining the standard of living. The occupation of the family provider determines the income of the family. Salaries varies from occupation to occupation. Some of those provides a better income from the other.
The Culture and Education of every family members also serves as one of the factors that contributes to the standard of living. There are differences from family to family; they have different taste, views, interest, level of satisfaction and other. These differences dictate them somehow in the way they live.
The Standard of Living is also influences by the size of the family. Smaller family definitely have better standard of living as compared to the bigger family, provided the two families have the same income. These is because there are only few members in the smaller family who will going to share the commodities.
One’s Nationality may also contributes in the living standard. People throughout the world belong to different nationalities and they have their own and unique ways of living. The economic status of the country where the individual lives also affects this factor.
The standard of living may also be affected by the individual or the family’s efficiency in spending. Some families may use their income carelessly while the others spend their income wisely, ans this makes the difference.