Explain what a standard of living is? What does it say about a country?

The correct answer to this open question is the following.

Explain what a standard of living is? What does it say about a country?

In general terms, when we are talking about the term "standard of living," it means the money o material possessions an average citizen has in a country, a city, or in a specific location. This can be translated as how comfortable the people in that place are when their income and material possessions.

For instance, the standard of living of a developed country indicates that people in that nation have everything to live a good life, with all the comfort and luxuries that allow people to have extra money to travel, to buy clothes, to entertainment, to have good health insurance, to invest in banks or the stock and change.

On the other hand, the standard of living in a developing country is very low, and it barely allows people to survive. They are living by the day. That is what this standard of living indicates about a country, its economy, and teh politicians that rule the country.

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