The average price of goods and services in the economy is also known as

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The price level measures the average level of prices of all goods and services produced in the economy. It is a broader measure than the cost of living, which typically focuses on the prices of a specific basket of goods and services purchased by households. The inflation rate measures the change in the price level over time, while a market basket refers to a specific set of goods and services used to calculate a cost of living index. Average expenditure is a general term referring to the average amount spent on goods and services by individuals or a population.

The Average Price of Goods and Services in the Economy