What is the definition of Standard of Living?

Answer 1

How much an average person can afford to buy.

Answer 2

dictionary.reference.com had this to say:

"a grade or level of subsistence and comfort in everyday life enjoyed by a community, class, or individual: The well-educated generally have a high standard of living. "

Answer 3

A standard of living refers to the amount of material comfort and wealth available to a community, individual, or socioeconomic class in specific areas. It includes necessities and luxuries.