Module 4: The Economics of Globalization
What is Quality of Life?
|
Two very similar terms are standard of living and quality of life. Quality of life is related to the satisfaction you have with the life opportunities and living conditions available to you. Standard of living is connected to the opportunities or the lack of opportunities to access basic needs such as food, clothing, shelter, health care, and education. Most statisticians use the standard of living to measure the quantity and quality of goods and services available to citizens. Generally they correlate a low life expectancy to a low standard of living. Prosperity or material wealth is a factor in accessing a high standard of living. For many citizens, possessing a high standard of living may be equivalent to a high quality of life. Quality of life has many understandings. Is it possible to have a high quality of life in a less-prosperous country or to have a low quality of life with material wealth? |
standard of living:Â a measure of the quantity and quality of goods and services (such as food, clothing, shelter, health care, education) to which an individual has access life expectancy:Â a measure of the average life span or survival rate of a population A low life expectancy is often related to a least developed country where the low standard of living contributes to a low rate of survival for citizens of the country. material wealth:Â the quantity of money and property a person has In the case of a country, it reflects the value of the goods and services it has and the income available to provide essential services, such as health care and education, to the citizens of the country. |
ReflectionÂ
Complete this activity Quality of Life