COST OF LIVING

Cost of Living

Cost of Living

Introduction

LO1.1 Research background

The cost of living is a theoretical concept that represents the value or cost of goods and services that households consume to obtain certain level of satisfaction. The cost of living index is an index that indicates how increases (or modify) the cost of households to maintain the same level of satisfaction. The calculation of the cost of living is a difficult problem because it relies on subjective concepts (satisfaction). As the cost of living estimator often used the CPI knowing that there are important differences: the IPC refers to a fixed basket of goods and services at a cost of living should be noted that households make product substitutions when prices change. Living costs are the costs that must be spent by a household to deny life.

As the cost of living expenses are in for the entire home and abroad:

Food

Accommodation

Clothing

Hygiene and personal care

Education and training

Entertainment, entertainment, sport and travel

religious care

for the keeping of animals

for the maintenance and operation of vehicles, ships and aircraft etc.

and expenses for servants.

To determine the cost of living using the Federal Statistical Office a so-called cart . This includes the consumption habits of an average household with four people. However, as for example the cost of the (often compulsory) health insurance in the basket is missing, include the cost of living, not all spending on a budget. In addition to the respective goods and their quality, the average in a time period (usually one month) purchased quantities are important. From the goods and their quantities "weighted" assets prices (weighted average of prices of goods) the monthly cost of living are determined. In order to facilitate comparisons with previous years is the cost of living index fall back.

Discussion

Cost of living

Compared with most countries, the UK, especially London, is an expensive place to live. The cost of living will obviously depend on your circumstances and tastes, but it is important to get an idea of ??how much money will stretch, whether you're paying a flying visit or staying for longer. An online currency converter will tell you the value of your money in the UK (Carroll, 1983, pp. 494-509).

Accommodation

You will find a wide range of accommodation in the United. In general, London and South East of England is usually more expensive than the north of England, Scotland, Wales and Northern Ireland. If you are considering buying property in the UK, the Land Registry gives you a complete price list of apartments and houses by region.

Transport prices

Transport costs vary depending on where you are in the UK. However, public transport is fairly reasonably priced.

Public buses -

National Express Brit (bus pass)

National Rail (train) -

London transport -

Taxi and Minicab fares -

Car hire in the UK -

Bicycle Rental -

Euro star -

Domestic flights -

Entertainment / Food and Drink

Entertainment, dining out and general costs for food ...