Consumer Econ (Nick Lauss)

By 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.