This is the term used to describe the general way in which people live, focusing primarily on things like average income, health care availability, life expectancy, educational attainment, etc.

The correct answer is "The Standard of Living"

The Standard of Living is defined as to the level of riches, comfort, material merchandise, and necessities accessible to a specific financial class in a specific geographic territory, normally a nation. The way of life incorporates many factors, such as, wage, quality and accessibility of business, class divergence, neediness rate, quality and reasonableness of lodging, hours of work required to buy necessities, total national output, swelling rate, measure of relaxation time each year, moderate access to quality human services, quality and accessibility of instruction, future, rate of illness, cost of merchandise and enterprises, foundation, national monetary development, financial and political dependability, political and religious opportunity, natural quality, atmosphere and security.