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:
“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)
“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)