cost of living

2 ENTRIES FOUND:

cost of living

Definition of COST OF LIVING

:  the cost of purchasing those goods and services which are included in an accepted standard level of consumption

First Known Use of COST OF LIVING

1826

Rhymes with COST OF LIVING

cost of living

   (Concise Encyclopedia)

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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