Economics Part 3: Standard of Living

Standard of living. What does it actually mean? Cost of living. What is the difference between these two phrases?

Should you be unable to put it to words, standard of living simply means quality of life and cost of living means the minimum cost needed to survive. These two phrases may seem rather mundane but it holds great significance. 

Firstly, let's talk about the standard of living. To makes things easier and simpler, through discussions held in class, many of us describe Singapore's standard of living as modernised, comfortable and decent. However, what is being used to measure the standard of living of countries in the world? Well, no fret! I have got you covered! With reference to resaerch, from a long list of factors, GDP ,or gross domestic product, access to education and climate are some of the few points that contributes to the quality of life of the people be it living or visiting a country. 

Now, let's talk about cost of living. It is the maintaining of basic level of life like water, food, shelter, clothes and last but not least, transportation. It also means the level of wealth, comfort, material goods and necessities available to a certain group of people in a certain location. Most of us will likely have different opinions towards the cost of living in Singapore's context. Some would say it is expensive, while others say it is affordable. 

Nonetheless, despite the different response from the general people, there is no doubt that there is no such thing as a 'perfect thing'. So, there are possible consequences of a high cost living in Singapore. Firstly, i feel that pollution is brought about by the high cost of living. With a considerable amount of wealth earned by many normal Singaporeans, we are inclined to getting the latest out of everything for the sake of reputation and the sack of keeping up with the advancing world. Thus, we are able to afford more and the same thing happens with our wastage. We throw even more. Therefore, a high cost of living will likely result in an increase in pollution produced by each and every people living in Singapore. Other than pollution, the bills for basic items like water and electricity will also be high. Since we own a good sum of income, we will feel no qualms to the amount of utilities used and so it will not solve the problem of the water scarcities happening around the world. With such problems rising, there will be a need to alter the prices of utilities to instill the mindset of the need to save water and cherish every drop of water we use.