Econ Ch. 13 Sec 2 Vocab

Rise in general level of prices

Statistical series used to measure changes in the price level over time

Year serving as point of comparison for other years in a price index or other statistical measure

Representive collection of goods and services used to compile a price index

Index used to measure price changes for a market basket of frequently used consumer items

Index used to measure prices received by domestic producers; formerly called the wholesale price index

Index used to measure price changes in Gross Domestic Product

Gross Domestic Product measured in current prices, unadjusted for inflation

Gross Domestic Product after adjustments for inflation; same as GDP in constant dollars

Gross Domestic Product after adjustments for inflation; also called GDP in constant (chained) dollars; same as real GDP