Price Level

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:

    They give us a pair of cloth shorts twice a year for all our clothing. When we work in the sugar mills and catch our finger in the millstone, they cut off our hand; when we try to run away, they cut off our leg: both things have happened to me. It is at this price that you eat sugar in Europe.
    Voltaire [François Marie Arouet] (1694–1778)

    Preschoolers sound much brighter and more knowledgeable than they really are, which is why so many parents and grandparents are so sure their progeny are gifted and super-bright. Because children’s questions sound so mature and sophisticated, we are tempted to answer them at a level of abstraction far beyond the child’s level of comprehension. That is a temptation we should resist.
    David Elkind (20th century)