I think it is important to know about standard of living because it makes it easier to know how much money is used for each person's needs and wants by using GDP per capita. Also if some countries have a low health you can look at the infant mortality rate and doctors per 1000 people and maybe give them aid in that country. Lastly if a country has a low education you could donate them books and other stuff.
Ideas about economics and standard of living be analyzed using the five themes of geography because if you were to use place you can find out what the country is like and the physical characteristics are so you could know the health, wealth and education and infrastructure based on what the country is like and needs. Human characteristics could also be used because it could show how people in a specific country adapt to their needs.
Pictures:
Education - Wooden Tile Images, www.thebluediamondgallery.com/wooden-tile/e/education.html.
“Free Stock Photo of Asphalt, Aspiration, Clouds.” Free Stock Photos, www.pexels.com/photo/road-sky-clouds-cloudy-215/.
Kratochvil, Petr. “Doctor Free Stock Photo - Public Domain Pictures.” Public Domain Pictures.net, www.publicdomainpictures.net/view-image.php?image=209450&picture=doctor.
Money, Pictures of. “Money.” Flickr, Yahoo!, 29 June 2015, www.flickr.com/photos/pictures-of-money/17123251389/.