Which statement about the cost of living in an area is correct?(1 point) Responses The cost of living is the amount of money that is paid for work or services rendered. The cost of living is the amount of money that is paid for work or services rendered. The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes. The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes. The cost of living is an estimated expense of a family’s basic needs in an area. The cost of living is an estimated expense of a family’s basic needs in an area. The cost of living includes the bare necessities an individual requires for survival and safety.
1 answer
The correct statement about the cost of living in an area is: The cost of living is an estimated expense of a family’s basic needs in an area.
This definition encompasses the overall expenses required to maintain a certain standard of living, including housing, food, healthcare, taxes, and other basic necessities.
