COST OF LIVING AND STANDARD OF LIVING

 COST OF LIVING AND STANDARD OF LIVING

Definition of cost of living, Cost of living may be defined as the amount of money an individual spends to obtain the goods and services which will sustain him at a particular time. It is thus the money cost of things as food, shelter, clothing, medical services, etc. which the individual consumes.

The cost of living depends largely on the prices of goods and services, if prices are high, the cost of living will be high, since the individual will have to spend more money to obtain goods and services. But if the prices are low, less money will be spent, hence the cost of living will be low.

WHAT IS STANDARD OF LIVING

 Standard of living may be defined as the level of economic well-being or welfare attained by individuals in a country at a particular time. The level of welfare is determined by the quantity and quality of goods and services consumed within a period of time.

The higher the quantity and quality of goods and services consumed, the higher the standard of living and vice versa. The income per head and the distribution of income are used in measuring the standard of living.

     RELATIONSHIP BETWEEN COST OF LIVING AND STANDARD OF LIVING     

Cost of living, as explained above, largely depend on the prices of goods and services which are consumed.

 If the prices of goods and services are high, this means an increase on the cost of living since people have to pay more money to get them. If prices increase, people purchase fewer goods and services. They therefore consume less and this results to a fall in their standard of living.

On the other hand, if prices of goods and services fall, people will be able to obtain them in greater amounts. This means a fall in the cost of living. They would also purchase high quality goods and services. This will increase their level of consumption and their standard of living will increase.

In summary, a rise in the cost of living reduces the standard of living, while a reduction in the cost of living increases the standard of living. It is the cost of living that determines the standard of living.

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WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2. DISEASES
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURING
5. FARM YARD MANURE
6. HUMUS
7. COMPOST
8. CROP ROTATION
9. GRAZING AND OVER GRAZING
10. IRRIGATION AND DRAINAGE
11. IRRIGATION SYSTEMS
12. ORGANIC MANURING
13. FARM YARD MANURE
14. HUMUS
15. COMPOST
16. CROP ROTATION

  1. IRRIGATION AND DRAINAGE
    19. IRRIGATION SYSTEMS
    20. INCUBATORS
    21. MILKING MACHINE
    22. SIMPLE FARM TOOLS
    23. AGRICULTURAL MECHANIZATION
    24. THE CONCEPT OF MECHANIZATION
    25. PROBLEMS OF MECHANIZATION
    26. SURVEYING AND PLANNING OF FARMSTEAD
    27. IMPORTANCE OF FARM SURVEY
    28. SURVEY EQUIPMENT
    29. PRINCIPLES OF FARM OUTLAY
    30. SUMMARY OF FARM SURVEYING
    31. CROP HUSBANDRY PRACTICES
    32. PESTS AND DISEASE OF MAIZE- ZEA MAYS
    33. CULTIVATION OF MAIZE CROP
    34. OIL PALM
    35. USES OF PALM OIL
    36. MAINTENANCE OF PALM PLANTATION
    37. COCOA
  2.  


38.
39. PROCESSES IN COCOA CULTIVATION
HOLING AND LINING
40. YAM
41. LAND PREPARATION FOR YAM
42. DEPT OF PLANTING
43. SPACING OF YAM
44. PLANTING DEPT OF YAM
45. STORAGE OF YAM
46. STAKING OF YAM
47. HARVESTING OF YAM
48. COWPEA
JUTE
49. FORAGE CROP AND PASTURE
50. FORAGE GRASSES
51. SILAGE
52. PASTURE
53. TYPES OF PASTURE
COMMON GRASSES AND LEGUMES
54. GRASSES
55. LEGUMES
56. ESTABLISHMENT OF PASTURES
57. 201. FORAGE PRESERVATION
58. HAY SILAGE
59. FORESTRY IMPORTANCE OF FORESTRY 206. FOREST MANAGEMENT FOREST REGULATION DEFORESTATION AFFORESTATION
60. DISEASES AND PESTS OF CROPS
61. MAIZE SMUT
62. RICE BLAST
63. MAIZE RUST
64. LEAF SPOT OF GROUNDNUT
65. COW-PEA MOSAIC
66. COCOA BLACK POD DISEASE

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