What is the meaning of "standard of living"?

The term "standard of living" refers to the level of wealth, comfort, material goods, and necessities available to a population. This concept encompasses various factors that contribute to the overall quality of life experienced by individuals within a society. It includes income levels, employment opportunities, economic stability, and access to goods and services.

While average income is an important component of the standard of living, it does not encompass all the elements involved, such as the availability of quality health care, education, housing, and infrastructure. Therefore, the average income of a population tends to be only one aspect of a much broader measure.

Moreover, the number of amenities in an urban area or the literacy rate relates to specific aspects of quality of life but do not fully capture the complete picture of living standards. Amenities can enhance living conditions, and literacy is crucial for individual opportunity, yet neither encompasses the total wealth, comfort, and material goods that define the broader concept of standard of living. Thus, B provides the most comprehensive understanding of this term.