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What is a standard of living?

What is a standard of living? Here are some definitions.

Noun
  1. A relative measure of the quality of life a person or group has.
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Examples
Sadly, many students, once qualified as professionals, turn to the burgeoning tourist trade in order to maintain a better standard of living.
In assessing financial needs, a court will have regard to a person's age, health and accustomed standard of living.
People of European origin, Asians, and people of mixed race enjoy the best standard of living.
Your quality of life and standard of living would be more than double what your brothers in neighboring theocratically repressed nations have.
They were astonished at the colonials' high standard of living, reports the author.
Dwelling as they did in clusters of local self-sufficiency, marked by a low standard of living, the people were ever threatened by famine.

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