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:
“Nowadays people know the price of everything and the value of nothing.”
—Oscar Wilde (1854–1900)
“It is only for a little while, only occasionally, methinks, that we want a garden. Surely a good man need not be at the labor to level a hill for the sake of a prospect, or raise fruits and flowers, and construct floating islands, for the sake of a paradise. He enjoys better prospects than lie behind any hill. Where an angel travels it will be paradise all the way, but where Satan travels it will be burning marl and cinders.”
—Henry David Thoreau (1817–1862)