The correct answer is "Price Index." A Price Index is a measurement of average sale prices for goods over time. It is commonly used to track changes in the overall level of prices in an economy. The Price Index represents the average price of a market basket of goods, which typically includes a range of items that are representative of consumer spending patterns.
The correct answer is "Price Index." A Price Index is a measurement of average sale prices for goods over time. It helps track changes in the price levels of a specific set of goods or services in an economy. To calculate a Price Index, you need a "market basket" of goods and their corresponding prices. This market basket represents the typical goods and services consumed by a specific group of people or a specific region. By tracking the changes in the prices of these goods over time, economists can interpret the overall changes in price levels, inflation rates, or cost of living.
