Final answer:
Economic factors are key when assessing the standard of living, focusing on income, employment, class, poverty, literacy, mortality rates, and housing. The OECD Better Life Index also considers wealth distribution, essential services, and access to education and healthcare for a comprehensive view.
Step-by-step explanation:
When assessing the standard of living, economic factors are the primary criteria used. These include various measurable components such as:
- Income
- Employment rate
- Socio-economic class
- Poverty rates
- Literacy rates
- Mortality rates
- Housing affordability
Other factors that determine the economic standard of living around the world might encompass the distribution of wealth, availability of essential services, environmental quality, and access to education and healthcare. The OECD Better Life Index is one such tool that incorporates these aspects to evaluate and compare the quality of life and standard of living across different countries.