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WordNet-Online
Definitions from WordNet
Noun cost-of-living index has 1 sense
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Definitions from the WebCost-of-Living IndexThe cost-of-living index is a statistical tool used to compare and measure the relative expenses associated with living in different areas or countries. It helps individuals determine the affordability of a particular location by considering factors such as housing, food, transportation, healthcare, and various other commodities and services. By using this index, individuals can make informed decisions about relocating or budgeting their expenses. Sense 1: Measurement of Relative ExpensesIn its primary sense, the cost-of-living index serves as a quantitative measure for assessing and comparing relative expenses across different geographic areas. For example, if City A has a cost-of-living index of 120, while City B has an index of 90, it implies that City A is 20% more expensive to live in compared to City B. Sample Sentence: The cost-of-living index indicated that living in the city center is significantly more expensive than living in the suburbs. Sense 2: Determining Affordability of LocationsIn another sense, the cost-of-living index helps individuals assess the affordability of living in different locations based on their income or budget. It enables them to make informed decisions regarding whether they can sustain their desired lifestyle within a specific area or if they should consider alternative options. Sample Sentence: John used the cost-of-living index to determine which city would offer a higher standard of living within his limited budget. Sense 3: Planning Budget and ExpensesThe cost-of-living index is also utilized to estimate and plan expenses in advance, especially when individuals are moving to a new location. By considering the index and analyzing the cost variations, individuals can create realistic budgets, allowing for a smoother transition and adjustment to the new cost landscape. Sample Sentence: Sarah meticulously researched the cost-of-living index to ensure she was financially prepared for her international move. To enhance your understanding of cost-of-living, you may find the following related products interesting: | ||||
cost-consciousness cost-containment cost-cutting cost-effective cost-effectiveness cost-efficient cost-of-living allowance cost-of-living benefit cost-of-living index cost-per- cost-per-action cost-per-click cost-per-clicks cost-per-thousand cost-plus cost-plus contract cost-pull inflation
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