Factors Influencing the Standard of Living

Abstract

The factors influencing the standard of living are multiple, not only economic and social, but also technological, cultural, environmental, etc. The factors in question can have a direct but also indirect influence, which is why the assessment of living standards cannot be carried out with high precision. There are relationships of mutual dependence between them, with the modification of one attracting a series of other modifications. The analysis and evaluation of the impact that these factors have on the standard of living is extremely important not only for researchers and analysts, but also for governments, thus providing them with models for increasing the standard of living and the quality of life of the population. This paper highlights the influence that various factors have on the standard of living of the population, among which there are mutual interdependencies. Since increasing the standard of living and improving the living conditions of the population is one of the basic tasks on the agenda of decision-makers, knowledge and assessment of the determinants of the standard of living would contribute decisively to the fulfilment of this commitment. Research methods used. Various research methods have been used in this paper, including logical, comparative and synthetic analysis, induction and deduction. In conclusion, we note that the factors determining the standard of living of citizens are very diverse. Over the years, much attention has been paid to the impact of economic factors on people's standard of living. Subsequently, researchers have shown that social factors may be considered more important because they reflect the level of satisfaction of citizens. In addition to these factors, a number of factors in other areas have a strong influence on living standards. UDC: 330.59:[330.564.2+316.61]; JEL: H40; I31.