The term “standard of living” usually refers to the economic well-being enjoyed by a person, family, community, or nation. A standard of living is considered high when it includes __(31)__ necessities but also certain comforts and luxuries; it is considered low when food, clean water, housing, and __(32)__ necessities are limited or lacking.
Different __(33)__ have been employed by economists to measure standard of living. One of __(34)__ measures is to calculate the percentage of income that people spend on certain necessities. The higher this percentage is, the __(35)__ is the standard of living of these people.
The U.S. has one of the world’s highest standards of living. But income is not distributed __(36)__ throughout its population. Some Americans enjoy great wealth, __(37)__ others suffer in extreme poverty. Americans __(38)__ different racial and educational backgrounds may vary in their standards of living. People living in different parts of the U.S. __(39)__ show different standards of living. Of course, in determining overall standards of living of Americans, factors __(40)__ household composition and family size need also to be taken into consideration.
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