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English definition of “standard of living”

standard of living

noun [C, usually singular]
 
 
(plural standards of living)
ECONOMICS the degree of comfort that people in a particular social class, country, etc. have, and the number and types of products and services that they can buy: a basic/comfortable/decent standard of living Most people are failing to save enough to provide them with a decent standard of living in retirement. a high/low/reasonable standard of living improve/maintain/raise your standard of living
(Definition of standard of living from the Cambridge Business English Dictionary © Cambridge University Press)
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