diferentiate the cost of living from standard of living
Answers
Answered by
2
NoteCost of LivingStandard of Living
Definition
The cost that people incur to live in a given geographical area.A country’s indication of comfort, wealth, possessions and needsMeasurementThe major indicators of the cost of living are The Cost of Living Indicator and the Purchasing Power ParityThe standard of living
Is measured through multiple indicators such as GDP, political stability etc. that collectively provide a single inference.
Location
The cost of Living can be determined for a micro economy such as a state or city or for a macro economy such as a country or a region.The standard of living is a representative of the whole and can be measured, only within the context of a macro economy i.e. a
Function
The cost of living matters more when it amounts to the accumulation of wealth and cutting of costs to keep the cost of living low. The cost of living is not predetermined and cannot be controlled by any government initiatives.The standard of living is an economic indicator of how a nation is thriving, and can be predetermined by government plans and targets.
Definition
The cost that people incur to live in a given geographical area.A country’s indication of comfort, wealth, possessions and needsMeasurementThe major indicators of the cost of living are The Cost of Living Indicator and the Purchasing Power ParityThe standard of living
Is measured through multiple indicators such as GDP, political stability etc. that collectively provide a single inference.
Location
The cost of Living can be determined for a micro economy such as a state or city or for a macro economy such as a country or a region.The standard of living is a representative of the whole and can be measured, only within the context of a macro economy i.e. a
Function
The cost of living matters more when it amounts to the accumulation of wealth and cutting of costs to keep the cost of living low. The cost of living is not predetermined and cannot be controlled by any government initiatives.The standard of living is an economic indicator of how a nation is thriving, and can be predetermined by government plans and targets.
dhanvarshini:
of course
How are prices fixed by a seller/producer?
In any market transaction between a seller and a buyer, the price of the good or service is determined by supply and demand in a market.
hi bro
hi
ans ok
say bro
ok
Who is affected the most by increase in cost of living?
poor and middle class
Similar questions