ABSTRACT
The standard of living is a concept used to denote well-being. It enables one to measure change over time, and to assess cross-sectional differences between different societies or between different regions or classes of the same society, at a point in time. It has three components: material, biological, and psychological. The first of these is the common interpretation of the concept, and is defined in terms of the command over goods and services, measured by real per capita income. The other two components are defined in terms of how well the human organism thrives in its socioeconomic and epidemiological environment. Frequency and duration of sickness, life expectancy, and physical stature have all been used as indicators of biological well-being.
