Discussion / Read Chapters 1,2,3 / About 300 Words / Answer And Then Comment

What does standard of living mean to you?

How is Maslow’s hierarchy of needs theory related to income?

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Student 1:

To me, the standard of living has two parts. The first part is a personal standard of living which is the standard of living that we hold for our own personal life. The second part is that of a whole community. Different countries have wildly different standards of living that are reflected in their culture and community. Some countries have higher standards of living than others. Two countries that are on opposite ends of the spectrum are Monaco, which has a very high standard of living, and Nepal which has a much lower standard of living.

In terms of personal standard of living, I think it varies at different stages in our life. Right now, my standard of living is very high from what I am used to, but I plan on that decreasing significantly in the future. Ultimately I hope to achieve a standard of living that aligns with what I value in life.

Maslows’ hierarch of needs theory relates to income because the more income you have, the easier it is to reach the top of the pyramid. Each level of the pyramid can also be directly tied to income. Money is needed for food, shelter, and clothing. Security is more easily obtainable when you have a higher income, along with the social aspect. Higher incomes allow you to afford to socialize in a wider variety of situations. In addition, a higher income for many may be tied to their self-esteem and feelings of recognition by others. Lastly, having enough income allows you to pursue your personal goals and reach the top of the pyramid.

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