Which team went about the cost of living in an area is correct

The cost of living is an essential expense of a family basic needs in an area
The cost of living includes The Bare necessities for an individual requires for survival and safety
The cost of living is the amount of money that is paid for week or service rendered
The cost of living is hourly wage required to cover one to basic needs including relevant taxes

The team that states "The cost of living includes The Bare necessities for an individual requires for survival and safety" is correct.