(a measure of how well a person or family is doing in terms of satisfying needs & wants with goods & services. Standard of living describes the amount of goods & services that an average family or individual views as necessary. The standard of living of each generation has been better than the previous generation. Now in the era of modern technology, people have mobile phone, LED TV, BMW, etc.) For example Americans enjoy a comfortable standard of living than previous time such as agricultural output, automobile, technology etc. standard of business has been changing better than the past.