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Current Prices
Prices at which goods and services are sold in the market at the present time, not adjusted for inflation or other factors that affect purchasing power.
Base-Year Prices
Prices from a specific base year that are used to calculate real values or quantities, allowing for the comparison of economic data over time by removing the effects of inflation.
Laspeyres Index
A price index calculated by taking the ratio of the total cost of purchasing a specified set of goods and services in a given period to the cost of purchasing the same set of goods and services during a base period, using base period quantities for weighting.
Nominal Income
The amount of money earned in current dollars, without adjustment for inflation or purchasing power.
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