A price level is a hypothetical measure of overall prices for some set of goods and services, in a given region during a given interval, normalized relative to some base set. Typically, a price level is approximated with a price index.
Read more about Price Level: Theoretical Foundation, Significance
Famous quotes containing the words price and/or level:
“For what were all these country patriots born?
To hunt, and vote, and raise the price of corn?”
—George Gordon Noel Byron (1788–1824)
“The truth is, that common-sense, or thought as it first emerges above the level of the narrowly practical, is deeply imbued with that bad logical quality to which the epithet metaphysical is commonly applied; and nothing can clear it up but a severe course of logic.”
—Charles Sanders Peirce (1839–1914)