Examlex
Which of the following is the last component of gathering objective data?
Market Basket
A market basket refers to a selected set of goods or services that are consistently used and monitored over a period of time for the purpose of tracking inflation in an economy via a cost comparison.
Inflation Rate
The rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling.
Market Basket
A selected set of goods and services used to track changes in prices and inflation over time, representing the typical consumption of a household.
CPI
A gauge of the weighted average cost of a selection of consumer goods and services, including transportation, healthcare, and food, known as the Consumer Price Index.
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