Meaning of the word "living standard" in English

What does "living standard" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

living standard

US /ˈlɪv.ɪŋ ˌstæn.dərd/
UK /ˈlɪv.ɪŋ ˌstæn.dərd/
"living standard" picture

Noun

1.

the degree of wealth and material comfort available to a person or community

Example:
The country has seen a significant improvement in its living standard over the past decade.
Rising inflation can negatively impact the living standard of many families.
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