Final answer:
The standard of living considers various factors beyond GDP, such as work-life balance and community connection, as indicators of well-being.
Explanation:
Standard of living encompasses all elements affecting people's well-being beyond just market-based production, unlike GDP. Factors like work-life balance, community connection, and material wealth contribute to one's standard of living. Although complex to measure, GDP per capita serves as a rough indicator of the standard of living.
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