Cost of Living

Cost of living is a term used to describe the amount of money needed to maintain a certain standard of living. It is a measure of the cost of goods and services that are necessary for a person or family to live. This includes items such as food, housing, transportation, healthcare, and other basic necessities. The cost of living is often used to compare the cost of living in different cities or countries. It is also used to compare the cost of living over time, to measure the impact of inflation.

History of Cost of Living

The concept of cost of living has been around since the early 19th century. It was first used by the British government to compare the cost of living in different parts of the country. The concept was later adopted by the United States government in the early 20th century. The U.S. Bureau of Labor Statistics began publishing the Consumer Price Index (CPI) in 1919, which is used to measure the cost of living in the United States. The CPI is used to measure the cost of living in different cities and states, as well as to compare the cost of living over time.

Cost of Living Comparison

Summary

Cost of living is a term used to describe the amount of money needed to maintain a certain standard of living. It is a measure of the cost of goods and services that are necessary for a person or family to live. The concept of cost of living has been around since the early 19th century and is used to compare the cost of living in different cities or countries, as well as to measure the impact of inflation. For more information about cost of living, you can visit websites such as the U.S. Bureau of Labor Statistics, Numbeo, and Expatistan.

See Also

• Inflation
• Consumer Price Index (CPI)
• Gross Domestic Product (GDP)
• Purchasing Power Parity (PPP)
• Minimum Wage
• Living Wage
• Real Wage
• Cost of Goods and Services
• Cost of Living Adjustment (COLA)
• Cost of Living Allowance (COLA)

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