What does a country's standard of living measure?

Question

What does a country's standard of living measure?

Answer 1

The economic position of the individual.

Answer 2

It measures its socioeconomic condition, its cultural appreciation and value for aesthetics, and is also influenced by emigration and immigration. It gets deeper and more complex than that though.

Answer 3

To put it in regular words, it's how much money the people have, and what and how much they can buy with it.  People with lots of money who live in a place where prices of food, etc. are cheap have a high standard of living.

It also takes into account the sanitation system, safety, availability of health care, etc.