Why Would Knowing the Cost of Living Index Be Important

question 145

Essay

Why would knowing the cost of living index be important in real life?
(Hint: Consider the following scenario.You get two job offers: one in San Francisco paying $80,000 per year and the other in Dallas paying $68,000 per year.)

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Definitions:

Demographic Transition

Due to industrialization, a decline in the birthrate following a reduction in the death rate so that the population growth rate is lowered.

Birthrate

A measure of population growth or decline, calculated as the number of live births per 1,000 people per year.

Death Rate

The ratio of deaths in an area to the population of that area; usually expressed per 1000 individuals per year.

Carrying Capacity

The maximum population size of a biological species that can be sustained by a specific environment, given the food, habitat, water, and other necessities available in the environment.