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Why is standard of living important

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Exactly, couldn't have said it better myself @above answer.
User Dmytro Yashkir
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Standard of living refers to the material basis of well-being, which is reflected in a person's consumption level. Because of this, academics and policy analysts often use real income as a proxy to measure living standard. Standard of living, in turn, is one of the important determinants of well-being or happiness. :)
User Cmbarbu
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