Final answer:
The economic standard of living is affected by factors measured in the Human Development Index such as life expectancy, education, and purchasing power, as well as specialized indicators like the Gender Development Index and Human Poverty Index.
Step-by-step explanation:
The standard of living in various countries around the world is influenced by various factors beyond simple economic measures like Gross Domestic Product (GDP). The Human Development Index (HDI) has been introduced to take a broader perspective by considering additional dimensions such as life expectancy, educational attainment, and purchasing power. This offers a more nuanced view of the economic standard of living. Moreover, specific indicators like the Gender Development Index (GDI) and the Human Poverty Index (HPI) also contribute to the understanding of living standards by assessing gender inequality and human deprivation, respectively. These indicate that factors contributing to living standards are diverse and complex.