Write a definition for each of the following in your own words.
Cost of living -
Goods -
Services -
Infrastructure -
Employment -
Cost of living - The cost of living refers to the amount of money required to cover the basic necessities of life such as food, housing, and healthcare in a particular location or region.
Goods - Goods are physical items that are produced or manufactured for consumption or use, such as food, clothing, and electronics.
Services - Services are intangible experiences or actions that are provided for a fee, such as a haircut, a medical check-up, or a legal consultation.
Infrastructure - Infrastructure includes the basic physical and organizational structures and facilities that are necessary for the operation and functioning of a society or organization, such as roads, bridges, buildings, and communication systems.
Employment - Employment refers to the provision of work or occupation in exchange for payment or other forms of compensation. It includes both full-time and part-time work, as well as self-employment.
Cost of living - Cost of living refers to the amount of money required to sustain a certain standard of living in a specific location. It involves the expenses for necessities such as housing, food, transportation, healthcare, and education, as well as discretionary spending on leisure activities and other non-essential items.
Goods - Goods are tangible products that are manufactured or produced to satisfy people's needs or wants. They can be physical objects that can be touched, felt, or consumed, such as clothing, furniture, electronics, or food. Goods are typically bought and sold in the marketplace.
Services - Services, on the other hand, are intangible actions or tasks that are performed by individuals or businesses to fulfill people's needs or provide value. Unlike goods, services are not physical, but they involve the provision of a skill, expertise, or labor to assist or benefit others. Examples of services include healthcare, education, transportation, banking, and consultancy.
Infrastructure - Infrastructure refers to the fundamental physical and organizational structures necessary for the operation of a society, economy, or system. It typically includes the roads, bridges, buildings, water and sewage systems, power grids, telecommunications networks, and transportation systems that support economic and social activities within a region or country.
Employment - Employment refers to the state of being engaged in a paid job or occupation in exchange for financial compensation. It involves the agreement between an employer and an individual to provide work services in return for wages or salary. Employment is crucial for individuals' economic well-being and societal development as it provides income, stability, and opportunities for career growth.