Definition: Replacement cost

Category: National accounts

Monetary amount needed to acquire a similar service in the market that people have at home. In this context, it is the monetary value that is required to hire the workforce needed for doing the domestic and caregiving services at home. http://ec.europa.eu/eurostat/ramon/statmanuals/files/UNECE_Guide_on_Valuing_Unpaid_Household_Service_Work.pdf