Standard of living and quality of life are two similar concepts that seem as if they may be used interchangeably. The fact is that the two are different and are defined by different factors, which are distinct from that of either concept. While standard of living is more concerned with a predetermined, artificial status that has become accepted as a measure of good living, quality of life is focused on more intangible objects that do not necessarily depend on wealth.

The measures for a good standard of living may either be local, national or international. In this sense, what may pass as a good standard of living in a local municipality may fail to measure up in a national test of good living. Also, a standard that is accepted by a country as an indicator of a good standard of living may miss the mark when it is measured against accepted international standards. This shows a disparity between standard of living and quality of life, because quality of life has a more universal theme since something that is considered to be a good quality of life in one country may also be attributed to another country.

In order to fully understand the two concepts, it is necessary to know some of the attributes of standard of living and quality of life. Some of the factors that may readily come to mind when measuring standard of living include income, good housing, good employment opportunities, high Gross Domestic Product (GDP), low inflation, vacations and security. Indicators of quality of life include factors like freedom of speech and movement, right to religion, employment, dignity and privacy, peace of mind, general contentment and general wellbeing. It may be argued that quality of life may be enhanced by a good standard of living, but it is also important to note that even without all of the material items indicated as a measure of standard of living, a person's quality of life may still be maintained.

One way in which standard of living and quality of life intersect is in the measurement for the development of a country. Most of the attributes of the two concepts are often found more in developed countries than in less-developed countries. As such, countries where the majority of the citizens have access to facilities, or live in an environment that facilitates, the attainment of the two concepts may be said to be developed.