These are 'everyday' concepts that we take for granted...even the press and politicians get their cards wrong on some of these. To underestimate their importance is to downplay the significance they have on broader issues surrounding nation-states and the world at large. This could include international relations, educational rankings and even governance.
On an intellectual, if not practical level, such concepts equip us with the right vocabulary / conceptual language to talk about a country's “liveability”. This important article can help you to better understand the difference between SOL & QOL, which many take to be the same thing.
http://www.investopedia.com/articles/financial-theory/08/standard-of-living-quality-of-life.asp
How would this empower you to discuss social, political or economic issues with greater clarity?
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