Standard of living describes the level of wealth, comfort, essential resources, and material goods accessible to people in a particular region. It is often linked to quality of life, which not only includes economic factors but also considers overall well-being, including physical and mental health. Because these concepts are broad and somewhat subjective, there is no single universally accepted way to measure them. As a result, statisticians create various models, formulas, and surveys to simplify the complex idea of quality of life—or sometimes standard of living—into a measurable figure.