Standard of living

What do we mean by the term"standard of living"
Sol is a measure of the changes in our economic welfare over time
Is the economy meeting people's need and wants?
Are our real incomes increasing?
The standard of living is basically a quantitative measure of our well-being
The baseline measure of living standard is real national income per capital
i.e.GDP divided by the total population
Real GDP per capital rises when real national output grows faster than population over a period of time
Other measure gives a broader assessment of living standards
Ownership of consumer durables
Personal/Household Wealth indicator
Environmental Indicators(sustainable economic welfare)
Social(Quantity of Life)indicators
Human Development Index(United Nations)
Index of sustainable EconomicWelfare(ISFW)