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:
“By all those, who are not much acquainted with him, he was considered infinitely below his level; he put no price upon himself, and consequently went at an undervalue; for the world is complaisant or dupe enough, to give every man the price he sets upon himself, provided it be not insolently and overbearingly demanded. It turns upon the manner of asking.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“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)