Differentiate cost of living from the standard of living.
COST OF LIVING | STANDARD OF LIVING |
• It is the cost that will be incurred to maintain a certain level and ease of living in a particular region. | • It is the measure of how any particular region is wealthy and comfortable in their material wealth and necessities. |
• It is measured using Cost of Living and Purchasing Power Parity Indices. | • It is measured in a combination of many factors like poverty level, real income, housing facilities, employment, education, and life expectancy. |
• It can vary within a particular country or region. | • It is calculated for a particular country or region. |
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