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The standard of living refers to the level of wealth, comfort, and material goods available to individuals or groups in a particular society. It takes into account factors such as access to healthcare, education, and housing, as well as income and job security. A higher standard of living typically means a better quality of life, while a lower standard of living can lead to poverty and inequality. It can vary greatly between different countries and regions, and is impacted by economic, social, and political factors.
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