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:
“How long most people would look at the best book before they would give the price of a large turbot for it?”
—John Ruskin (1819–1900)
“Young children learn in a different manner from that of older children and adults, yet we can teach them many things if we adapt our materials and mode of instruction to their level of ability. But we miseducate young children when we assume that their learning abilities are comparable to those of older children and that they can be taught with materials and with the same instructional procedures appropriate to school-age children.”
—David Elkind (20th century)