What role does 'adequate standard of living' play in resource management?

The concept of an 'adequate standard of living' plays a crucial role in resource management as it ensures that the basic needs of individuals and families are met. This encompasses essential requirements such as food, shelter, clothing, healthcare, and education, which are fundamental to the well-being of individuals. By focusing on meeting these basic needs, resource management can ensure that individuals have a stable foundation from which they can pursue other objectives, such as personal development and higher quality of life.

When basic needs are satisfied, families are better positioned to allocate their resources efficiently, manage their finances effectively, and build a secure future. This focus on fundamental welfare supports sustainable living, where resources are used wisely and responsibly, ultimately contributing to overall societal wellbeing.