as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
write the meaning of the phrase 'cost of living'.
user
the cost of living is an expression commonly used to calculate the amount of money needed to maintain a certain standard of living in a certain place, including the cost of necessities such as food, housing, transportation, and healthcare.
assistant