A main difference between the standard of living and the quality of life is that the Standard of living is a measure of wealth, income, and material comfort available to a person or community, while quality of life is a highly subjective measure that pertains to the overall well-being of individuals and societies.
Standard of living and quality of life are two closely related concepts. However, there is a distinct difference between them based on the factors they include. While standard of living mainly includes financial components, quality of life also includes non-financial components such as happiness , health and security.
what is standard of living
Standard of living is the measure of material wealth and comfort available to a person or community. It primarily measures the material aspects of society. It includes factors such as income, GDP (gross domestic product), economic opportunity, and life expectancy. Furthermore, the standard of living can be used to compare two different geographic areas or different time periods. For example, we can compare the standard of living in Australia and Canada; similarly, we can measure the standard of living in contemporary New York against the standard of living a century ago.
Standards of living in developed countries such as the United Kingdom and the United States are higher than those in developing countries. Also, economists often use GDP per capita to measure the standard of living. This is the gross domestic product of a country divided by its population. The United Nations Human Development Index (HDI) is another measure of the standard of living. Furthermore, this measure is based on several factors such as education, life expectancy at birth, and per capita income.
what is quality of life
Quality of life refers to the general well-being of individuals and society. This is a highly subjective concept, difficult to measure. In addition, quality of life includes various factors such as wealth and employment, education, physical and mental health, recreation and leisure, security, etc. Concepts such as happiness, freedom and human rights are also associated with quality of life.
Furthermore, the factors that affect quality of life may also vary according to individual preferences. For example, while one person might think of quality of life as wealth and employment, another might define it in terms of health and safety.
Difference between standard of living and quality of life
Definition
Standard of living is a measure of material wealth and comfort available to a person or community, while quality of life is a highly subjective measure that pertains to the overall well-being of individuals and societies.
Basis
While standard of living is a measure related to financial components, quality of life includes both financial and non-financial components.
Factors included
Standard of living includes income, GDP and economic opportunities, while quality of life includes various factors such as wealth and employment, education, physical and mental health, security, recreation and leisure.
Measure Type
Furthermore, the standard of living is measurable by GDP per capita or other financial measures, while the quality of life is a subjective and intangible measure.
Individual Preferences
Furthermore, the standard of living is a standard measure that does not change according to individual preferences, while the quality of life can vary according to individual preferences.
Conclusion
In conclusion, standard of living and quality of life are two closely related concepts. The main difference between standard of living and quality of life is that standard of living is a measure of wealth, income and material comfort available to a person or community whereas quality of life is a subjective measure that concerns well-being. of individuals and societies.
