I think it is important to know about standard of living because different standard of livings could help you make important decisions. For example if you are moving to a new town or school, you might not want to move to a district that has a low literacy rate. Another reason you might want to consider is if you are going to another country. If the destination does not have good health care, then if you get injured or sick on the trip, then it might be harder for you to recover if you are being treated in that country.
The ideas about economies and standard of living can be analyzed using the five themes of geography in many different ways. For example, a countries infrastructure could be analyzed by depending on how much trade there is. If there is not a lot of paved roads then it could be harder to trade, this could make the movement of goods slow. Another way that you could analyze economies with the five themes of geography is if the location of the specific place that you are in has a low GDP per capita then there might not be as many people to produce goods and services.
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