Final answer:
The economic standard of living is determined by factors including health, education, human rights, and environmental quality, which all contribute to the overall quality of life in a nation.
Step-by-step explanation:
The four factors determining economic standard of living globally include health, education, human rights, and environmental quality. These factors contribute to a nation's overall quality of life and can show wide variations in standards of living across different regions. Income levels generally correlate with these factors; however, there are exceptions, demonstrating that even affluent areas may face challenges such as undernourishment.
While traditional economic indicators such as GDP are often used, measures like the Organization for Economic Co-Operation and Development's "OECD Better Life Index" aim to provide a more comprehensive assessment by including these broader aspects of well-being. For instance, despite a high per capita income, a country may score lower if health care is not widespread or accessible to all its citizens. Similarly, education plays a critical role in determining the economic opportunities and standard of living for individuals.