What is the difference between standard of living and quality of life?

The quality of life does not depend on wealth.

Standard of living and quality of life are two similar concepts that seem to be able to be used interchangeably. The fact is that the two are different and are defined by different factors. While standard of living is more concerned with a predetermined and artificial status that has become accepted as a measure of the good life, quality of life is focused on more intangible objects that do not necessarily depend on wealth.

People who live below the standard of living are considered poor.

Measures for a good standard of living can be local, national or international. In this sense, what might be considered a good standard of living in a local municipality may fail a national test. A standard that is accepted by a country as an indicator of a good standard of living can also miss the mark when measured against accepted international standards. Quality of life has a more universal theme because those things considered necessary for a good life are often common in many countries.

Inflation raises the standard of living, sometimes much faster than the rise in employee salaries.

To fully understand both concepts, it is necessary to know some of the attributes of standard of living and quality of life. Some of the factors that might come to mind when measuring the standard of living include income, good housing, good job opportunities, high gross domestic product (GDP), low inflation, vacations, and security. Quality of life indicators include factors such as freedom of expression and movement; the right to religion, employment, dignity and privacy; peace of mind; and contentment and general well-being. It can be argued that the quality of life can be improved by a good standard of living, but it is also important to note that even without all the material items, a person’s quality of life can still be maintained.

See also  What is an investment proposal? (with photo)

Estimated living standards and quality of life vary widely from region to region.

One of the ways in which the two concepts intersect is in measuring a country’s development. Most of the attributes of both are often found more in developed countries than in less developed countries. Thus, it can be said that places where most citizens have access to the factors that make up each concept have been developed.

Leave a Comment