Global Cost of Living in Different Geographical Areas Using the Concept of NLP

1. Introduction

The sum of money required by a particular person for a particular area and time to pay for his necessities which includes housing, food, taxes, and medical care is known as his cost of living. The cost of living can be explained by comparing how expensive, it is to live in one city or another. In contrast, a high wage may not appear adequate in a pricey metropolis like New York. The cost-of-living index compares a major city's cost of living to that of an equivalent metropolitan area. The index includes the cost of several living costs to produce an overall measurement that new workers can use as a benchmark. The index offers a useful overview of housing, transportation, and grocery prices as recent graduates examine their employment options and people looking for a new job contemplate relocating. This study looks into the relationship between the cost and standard of living. It also lists the factors that affect how much something costs to live. Knowing which comes first—the level of living causing the expense of living or the other way around—is crucial. The standard of living is a measurement of a person's quality of life or degree of material success. Quality of life is defined as including personal advancements, a healthy lifestyle, access to and freedom to pursue knowledge, and achieving a standard of living that exceeds the satisfaction of an individual's basic and psychological needs to achieve a level of social well-being consistent with national aspirations. Contrarily, the cost of living is what is required to sustain some minimally essential standard of living at a given period. It is also referred to as the price of purchasing sufficient amounts of various goods to maintain a certain basic level of living. The economic definition of the cost of living can be “what is the minimum cost of this month's prices to reach the actual level of unity achieved in that base period of the time,” according to the office for the National Statistics (ONS) present in the United Kingdom. There are different meanings and definitions given by different people from various places and areas. As the living conditions and the amount of money earned are also different from their expenses. The way of thinking also varies from place to place and person to person so there is no certainty about expenses also the conditions also cost money as the good living environment with the excellent condition would also cost due to these reasons expenses vary as well as the conditions and people too.