5.1.3 Cost of Living

• The Cost of Living refers to the amount of money needed to maintain a certain standard of living
• The cost of living in Paris is lower than in a rural town in France.

  False
• Match the factor influencing the cost of living with its description:

  Housing costs ↔️ Rent or mortgage expenses

  Food prices ↔️ Cost of groceries and dining out

  Transportation expenses ↔️ Vehicle maintenance or public transport fees

  Utility costs ↔️ Electricity, water, and other essential services
• Arrange the following factors influencing the cost of living from most common to least common:

  1️⃣ Housing costs

  2️⃣ Food prices

  3️⃣ Transportation expenses

  4️⃣ Utility costs
• Utility costs can vary depending on consumption and location.
• The Cost of Living in a given area is influenced by factors such as housing, food, transportation, and utilities
• What are the four primary factors that influence the cost of living?

  Housing, food, transportation, utilities
• Housing costs are generally higher in cities like Paris
• Transportation costs are higher in urban areas due to more traffic.
• What is meant by "Regional Variations in Cost of Living"?

  Differences in expenses across regions
• Housing in Paris is more expensive than in a rural village
• Urban areas have higher infrastructure costs, contributing to higher living expenses.
• What is the definition of "Cost of Living"?

  Money needed to maintain standard of living
• Housing costs, food prices, transportation expenses, and utility costs influence the amount of money needed to maintain a certain standard of living
• What are the primary factors driving regional variations in the cost of living?

  Housing, food, transportation, utilities
• Housing in rural towns is more affordable than in urban areas like Paris.
• How does a high cost of living impact quality of life?

  Limits access to essentials
• A low cost of living allows for more leisure activities
• Low-income families face greater challenges with limited disposable income due to high living costs.