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Relationship between cost of living and standard of living!
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[QUOTE="Kingsley, post: 207416, member: 30278"] Cost of living and standard of living are two concepts sounds similar and sometimes could be confused with each other mostly in this part of world where English language is not our first language or native language, but they are indeed very different. when we consider the cost of living of a particular geographical entity, we are looking at the basic cost of the everyday items that makes life comfortable or in that particular place, for example the cost of house rent, the cost of transportation, the cost of food, and the cost of toiletries etc. This individual cost is what is referred to as the cost of living. And these cost differs from place to place. Just like we all know the cost of living in the urban areas are more than that of the rural areas, because of their life style and other factors which rest heavily on comfort. While standard of living on the other hand is the sum total of all the individual cost in a particular geographical entity. All the Sum total of the cost of food, transportation, rents, toiletries etc. Makes up the what we regard as standard of living. So in apace where all those stuffs are pricey we say the standard is high. Vice versa. [/QUOTE]
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