The average total of goods and services required to maintain a particular standard of living is called ________.

Question

Quizplus · Accepted Answer

The term that best fits the given definition is "the cost of living." It refers to the average expenditure required to maintain a certain standard of living, which includes expenses related to food, housing, transportation, healthcare, and other essentials. Other options such as total household expenditure and the cost of fundamental human needs are too broad or specific to capture the idea of overall cost of living. The cost/price index is a measure used to track changes in the prices of goods and services in an economy, while quality of life is a broader concept that encompasses various factors beyond just the cost of living.

The Average Total of Goods and Services Required to Maintain