Yes there is, but it changes based on the region you live in. In the thrid world, living "the good life" means having 6 sons, 12 goats and enough clean water to last a life time. In New York City, the "good life" is defined a different way. New Yorkers would say that the thiord world people have a poor quality of life, but what would they say about that?

There is a universal standard of sorts , the United Nations Human Development Index. It measures such elements as life expectancy, literacy and income. Go to Wikipedia for a thumnail sketch. Or go here for more data that you can shake a stick at http://hdr.undp.org/reports/global/2005/pdf/HDR05_HDI.pdf

In my opinion, Quality of life can be defined as complete soul satisfaction having true hapiness. But Universe is so large, everone has defferent opinion about quality of life... some find good quality in royal house, food, gr8 money etc... some in power, violence.... etc.... Some in peace.... so on...... So its hard to find defination which sets standard.... Even you see, here all answers will give the answer which they believe in.... thats PERCEPTION And of course..... GOOD and BAD are relative terms.... its difficult to define them without each other..... But If I need to give the answer.... you can not set any standard for quality of life... like.... this...this & that If you have u have good quality of life.... otherwise its bad quality of life... The point is.... first QUALIFY URSELF to live a good life.... thats quality of a good life.... with one hut in rural area u can have quality life... while one being in mension or in royal house can have bad quality of life. So, conclusion is: Quality depends on ur Values.. Now there may be gr8 discussion on what NO of values and what are they? There are many.... perception chages there too.. hope this answer is useful.