Monday, December 13, 2010

Cost of living and Cost of Labor

Want to read an interesting article on the difference of "Cost of Living" and "Cost of Labor".

 

According to the article the following definitions apply :

Cost of living reflects the cost of goods utilized by a typical consumer, including items such as housing, groceries and transportation. 

Cost of labor reflects what a particular geographic market offers as compensation for a specific type of work.

 

So which is better to use:

 

http://compforce.typepad.com/compensation_force/2006/09/cost_of_labor_v.html