human
I've been hearing a lot about the 'Standard of Living'. What is it?
assistant
The Standard of Living is a measure of how well off you are compared to other people. It’s calculated by dividing your income by the cost of living in your area. For example, if your salary is $50,000 and the cost of living in your area is $30,000, then your Standard of Living is 50,000/30,000 = <<50000/30000=1.67>>1.67.