differentiate the cost of living from the standard of living in tabular form
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ASK ANY DIFFERENCE >> FINANCE >> DIFFERENCE BETWEEN COST OF LIVING AND STANDARD OF LIVING (WITH TABLE)
Difference Between Cost of Living and Standard of Living (With Table)
A person needs the necessary goods and services to maintain the average lifestyle. The economics analyzes the expenses of living and the quality of living in a particular region. The cost and quality both are associated with people’s living style and the area where they live.
When people think of moving or relocating to another place, they first think of the money how much they need it to fulfil the basic requirement in life. The economic concept gives a general idea about the location, price, and living style of people. This indeed helps them to live a calculated life.
The cost of living and standard of living are economic concepts. It mainly talks about the cost and quality of life.
The cost of living means maintaining the standard of living with the required amount of money to live in a particular area or location. Basic needs are taken into account as food, shelter, clothing, education, health, and other utilities.
The standard of living is the level of comfort that people can expect with the amount of money that they can make. The standard of living depends mainly on the quality of healthcare and education; income, employment, infrastructure, are also a part of it.
The difference between the cost of living and standard of living is that the cost of living is maintaining the standard of living with the required amount of money by fulfilling the basic needs of life. Whereas the standard of living is the measure of the quality of life a person can live with the facilities available in a place.
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