Final answer:
The terms 'first world', 'second world', and 'third world' are outdated and not commonly used in contemporary discussions. Countries are now classified based on various factors such as gross national product (GNP) and other indicators of development. Some other ways of comparing the standard of living in countries include measuring income inequality, access to education and healthcare, poverty rates, and human development indices.
Step-by-step explanation:
The terms 'first world', 'second world', and 'third world' were used in traditional models to describe global stratification based on economic development and standards of living. However, these labels are now considered outdated and are not commonly used in contemporary discussions. Instead, countries are classified based on various factors such as gross national product (GNP) and other indicators of development.
Some other ways of comparing the standard of living in countries around the world include measuring measures of income inequality, access to education and healthcare, poverty rates, and human development indices. These measures provide a more comprehensive understanding of a country's development and well-being.
It is important to recognize that these classifications can be subjective and different organizations and researchers may use different criteria to categorize countries. Therefore, it's important to consider multiple sources and indicators when comparing the standard of living in different countries.