The term "living standard" refers to the level or quality of life enjoyed by a person, household, or population. It is typically measured in terms of factors such as income, education, healthcare, housing, and access to goods and services. A high living standard indicates that an individual has adequate resources to meet their basic needs and enjoy certain luxuries, while a low living standard suggests limited resources and difficulty meeting essential requirements for survival or well-being. Overall, the term "living standards" is used as a broad indicator of economic prosperity and social welfare within a society.