Examlex
Technological efficiency occurs when it is not possible for a firm to get more output from the inputs it is currently using.
Inflation Level
Inflation level measures the rate at which the general level of prices for goods and services is rising, eroding purchasing power.
Base Year
A specific year chosen as a point of reference or benchmark for financial or economic data comparison over time.
Laspeyres Index
A measure of price inflation that calculates the relative price change of a fixed basket of goods and services at current prices compared to the prices of the same basket in a base period.
Price Levels
The overall average price of all goods and services made in the economy.
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