Standard of living is the level of wealth, comfort, material goods, and necessities available to a person or group within a certain geographic area. It reflects how well individuals can fulfill their needs and wants based on their income and economic situation.
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The total value of all goods and services produced over a specific time period within a country, indicating its economic health.
Purchasing Power Parity (PPP): A method used to calculate the relative value of different currencies, allowing for an accurate comparison of standard of living between countries by measuring how much a common basket of goods costs in each.
Economic Inequality: The unequal distribution of wealth and income among the members of a society, often leading to varying standards of living within the same region or country