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What is the primary way in which economists measure the standard of living?

What is the primary way in which economists measure the standard of living?

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Gross domestic product (GDP) is the primary way in which economists measure the standard of living. GDP refers to the production of all goods and services within the country in an accounting year or specific period. GDP is also known as the per capita income or individual income per person. Having a high amount of GDP shows a higher standard of living for the people in the country. On the other hand, a low amount of GDP shows a lower standard of living for individuals. That's why GDP or per capita income plays a vital role in determining the standard of living for any country.

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