standard of livingn. pl. standards of living A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation.American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.standard of living n (Economics) a level of subsistence or material welfare of a community, class, or person Collins English Dictionary ? Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014stand?ard of liv?ing n. a level of subsistence and comfort in daily life maintained by a community, class, or individual. [1900?05] Random House Kernerman Webster’s College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.