Consumer Econ (Nick Lauss)

  • Consumer Price Index (CPI)

    Consumer Price Index (CPI)

    An index of the changes in the cost of goods and services to a typical consumer, based on the costs of the same goods and services at a base period.
  • Goods

    Goods

    A physical item that is produced and can be weighed or measured.
  • Service

    Service

    A task that a person or a machine performs for you
  • Inflation

    Inflation

    A rise in the level of prices for goods and services over time.
  • Interest

    Interest

    The price that is paid for the use of another's money.
  • Budget

    Budget

    A plan for using monet to meet wants and needs.