cost of living

cost of living
the average cost of food, clothing, and other necessary or usual goods and services paid by a person, family, etc., or considered as a standard by the members of a group.
[1895-1900]

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Monetary cost of maintaining a particular standard of living, usually measured by calculating the average cost of a number of goods and services.

Measurement of the cost of a minimum standard of living is essential in determining relief payments, social-insurance benefits, and minimum wages. The cost of living is customarily measured by a price index such as the consumer price index. Measurements of change in the cost of living are important in wage negotiations. Cost-of-living measurements are also used to compare the cost of maintaining similar living standards in different areas. See also social insurance.

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      monetary cost of maintaining a particular standard of living, usually measured by calculating the average cost of a number of specific goods and services required by a particular group. The goods and services used as indexes may be the minimum necessary to preserve health or may be what is considered average for a given income group, depending on the purposes of the index.

      Measurement of the cost of a minimum standard of living is essential in determining relief payments, social-insurance benefits, family allowances, tax exemptions, and minimum wages. Measurements of change in the cost of living are important in wage negotiations. It is difficult, however, to make precise comparisons over time, because consumer tastes and the availability of products change.

      Cost-of-living measurements are also used to compare the cost of maintaining similar living standards in different areas. See also consumer price index.

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Universalium. 2010.

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