cost of living
cost of living
cost of living
cost′ of liv′ing
n.
| Noun | 1. | cost of living - average cost of basic necessities of life (as food and shelter and clothing); "a rise in the cost of living reflects the rate of inflation" |
| 单词 | cost of living | |||
| 释义 | cost of livingcost of livingcost of livingcost′ of liv′ingn.
cost of living→ 生活费用zhCNcost of livingcost of living,amount of money needed to buy the goods and services necessary to maintain a specified standard of livingstandard of living,level of consumption that an individual, group, or nation has achieved. The evaluation of a standard of living is relative, depending upon the judgment of the observer as to what constitutes a high or a low scale. ..... Click the link for more information. . The cost of living is closely tied to rates of inflationinflation, in economics, persistent and relatively large increase in the general price level of goods and services. Its opposite is deflation, a process of generally declining prices. The U.S. ..... Click the link for more information. and deflation. In estimating such costs, food, clothing, rent, fuel, lighting, and furnishings as well as expenses for communication, education, recreation, transportation, and medical services are generally included. The Consumer Price Index (CPI), a measurement of the cost of living prepared by the U.S. Bureau of Labor Statistics, tracks changes in retail prices of an average "market basket." Changes are compared to prices in a previously selected base year, from which figures the percentage increase or decrease in the cost of living can be calculated. In addition to changes over time, such analyses must also consider regional variations in the cost of living, and the relative weighting of the components of the index must be reappraised periodically. The CPI is based the spending habits of 14,000 households that are considered representative of the U.S. urban and metropolitan population; data collectors collect and compile some 80,000 price quotes monthly. The first attempt to gather data on the cost of living in the United States was made by the Bureau of Labor Statistics in 1890. The dramatic increase in the rate of inflation during the 1970s led to the widespread use of cost-of-living adjustments (COLA) in wage agreements, real estate leases, and such government benefits as social security. These adjustments are often made using the CPI. BibliographySee bibliography under standard of livingstandard of living, cost of livingcost of livingCost of Livingcost of livingthe general level of prices of goods and services measured in terms of a PRICE INDEX. To protect people's living standards from being eroded by price increases (INFLATION), wage contracts and old-age pensions, etc., sometimes contain cost-of-living adjustment provisions that automatically operate to increase wages, pensions, etc., in proportion to price increases. See INDEXATION.cost of living
Words related to cost of living
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