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.
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Famous quotes containing the words price and/or level:
“I would rather have as my patron a host of anonymous citizens digging into their own pockets for the price of a book or a magazine than a small body of enlightened and responsible men administering public funds. I would rather chance my personal vision of truth striking home here and there in the chaos of publication that exists than attempt to filter it through a few sets of official, honorably public-spirited scruples.”
—John Updike (b. 1932)
“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)