It is important to know standard of living because you need to know if you have a high standard of living , or if you still need to improve on anything . To let You to know if you have a big change in any of the categories or if a major drop in any categories you can bring it back up to be in high percentage . Location can tell you if you’re in a poor populated area or a rich populated area because it tells where your location . Place can tell you if there i a high life expectancy and infant mortality ...