Question

Define standard of living and summarize in your own words the relationship between standard of living, cost of living, and stage of life.

Answer 1

Explanation:

Cost of living implies the general level of prices of the goods and services which a common man can afford, for his regular needs. Standard of living refers to the level of money and well-being, that people enjoy in a particular country. How expensive it is to survive in a place, in comparison to another.