Question

In what ways is your standard of living different from that of your parents and grandparents when they were your age? Why have these changes occurred?

Short answer

The standard of living could be defined as the degree of comfort and luxury a person enjoys due to increased income or wealth.

Step-by-step solution

Difference in the standard of living of parents and grandparents

Our parents have received education and lived their lives at least two decades before us on average, and our grandparents have done that all at least four decades before us. With changes in society and its evolution, our standard of living has also changed.

Our parents did not have access to the internet, and our grandparents did not have access to computers, but we have access to tabs withhigh-speed connectivity, which has changed the medium of learning. The internet has opened the world for everyone.

So, we now know in practice what our parents and grandparents knew only in stories. We have more comforts to enjoy with our mobile phones, air conditioners, electric cars, fingerprints and face locks in our mobile phones; our grandparents didn't even have access to mobile phones, forget about face locks.

These are some ways in which our standard of living is different. We have more comforts, and our lives are a lot easier than our parents and grandparents

Reasons for the changes

The theory says that the standard of living depends upon the country's productivity since it defines the level of education and income of the particular country.

Speaking of America, the average income has increased two per cent per year, which means increased productivity each year. That is why the comfort level now is much higher than that in the time of our parents and grandparents.