Standard of Living:

According to the Britannica Concise Encyclopedia, the standard of living is nothing but the level of material comfort that an individual or group aspires to or may achieve. The level of well-being (of an individual, group or the population of a country) as measured by the level of income (for example, GNP per capita) or by the quantity of various goods and services consumed (for example, the number of cars per 1,000 people or the number of television sets per capita). Different quantitative indicators can be used as measuring rods, including life expectancy, access to nutritious food and a safe water supply, and availability of medical care. International trade is a critical component of economic growth and the creation of jobs and wealth, which in turn raises the standard of living. Imports and exports both support domestic jobs and allow U.S. firms to access critical inputs at competitive prices. The export job opportunities and the increases in efficiency that go along with expanded trade have allowed the United States to maintain the world's highest standard of living and leadership in innovation. Furthermore, the jobs created as trade expands have tended to be high-paying jobs. Export-related jobs pay on the average, 18 percent more than jobs unrelated to exports or trade. Further, the expansion in trade in recent years has been accompanied by the expansion of employment in higher-paying positions. Between 1983 and 2002, higher-paying managerial and professional jobs expanded from 23 percent to 31 percent of total employment.

Additionally, the elimination of tariffs on the import of goods also contributes to enhanced efficiency and an improved standard of living. One University of Michigan study found that lowering trade barriers on all products and services by one-third could boost the U.S. economy by $177 billion, raising living standards for the average family by $2,500 annually.