Final answer:
The average standard of living for most of human history prior to the Industrial Revolution was characterized by subsistence wages, where most people worked to barely meet their basic needs, and wealth was highly concentrated among a small elite.
Step-by-step explanation:
There were some wealthy people, but the average person earned subsistence wages. This accurately describes the economic conditions for the majority of the population prior to the Industrial Revolution. Before the rapid growth and social changes brought about by industrialization, most individuals engaged in agriculture or small-village industries, working mainly to provide enough to sustain their own livelihoods, with very slow technological and institutional progress.
Wealth, where it existed, was largely concentrated among monarchs and the aristocracy, and there was little in terms of wealth or consumption for the average person. In essence, for centuries, economic conditions were stagnant, and the vast majority of people managed a subsistence living, only slightly exceeding their basic needs through what they could grow, make, or occasionally trade.
Generational changes in terms of material possessions and standards of living were minimal, with most people living and dying in similar socio-economic situations as their ancestors. Large empires and nations sometimes fell into decline due to various factors, such as disease, disasters, and ineffective governance, further exacerbating the struggles of the common people.