The term "standard of living" refers to the amount of debt people can incur on a given income.

Question

Quizplus · Accepted Answer

The standard of living refers to the level of material comfort and well-being experienced by an individual, a group, or a society. It is based on factors like income, access to healthcare, education, and housing, among others, but it is not determined by the amount of debt people can incur. In fact, a high level of debt can negatively impact one's standard of living.

The Term "Standard of Living" Refers to the Amount of Debt