![Distinguish between standard of living and cost of living Distinguish between standard of living and cost of living](https://digitalteachers.co.ug/wp-content/uploads/2022/09/Bbosa-Science.png)
Distinguish between standard of living and cost of living
- Standard of living refers to conditions of living as measured in terms welfare or material wellbeing. It is usually indicated by the quantity of goods and services consumed.
- Cost of living is the expense incurred by an individual household to maintain a given standard of living. For example during inflation the cost of living tends to be high and low during deflation.
CATEGORIES Economics
TAGS Dr. Bbosa Science