Economics Module 42
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market basket
a bundle of goods that an average consumer might buy
deflation
a decrease in price level
produce price index (PPI)
a measure of the cost of a basket of goods and services bought by producers
consumer price index (CPI)
a measure of the overall price level faced by a typical consumer
base period
a period in the past used as a benchmark for comparisons
hyperinflation
a period of very rapid inflation
inflation
a rise in price level
inflation rate
the annual percentage increase in the price level
shoe leather costs
the cost of time and effort involved in frequent trips to the bank or ATM to avoid holding much cash during periods of high inflation
menu costs
the costs of updating prices due to inflation