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10 Terms

1

Consumer Price Index (CPI)

A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

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2

Producer Price Index (PPI)

Measures the average change over time in the selling prices received by domestic producers for their output.

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3

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

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4

BLS (Bureau of Labor Statistics)

The U.S. agency responsible for collecting and analyzing labor economic data.

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5

Consumer Expenditure Survey

An annual survey that collects data on consumer spending habits in the United States.

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6

Leading Indicator

An economic factor that changes before the economy starts to follow a particular pattern or trend, such as the PPI anticipating changes in the CPI.

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7

Market Basket

A collection of goods and services used to track price changes over time in the CPI.

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8

Voluntary Participation

A principle that guarantees that respondents can choose whether to participate in a survey or study.

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9

Occupational Outlook Handbook

A guide that provides projections of employment growth and job opportunities in various occupations.

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10

Relative Importance

A measure used to determine the weight of each good in the Consumer Price Index based on consumer spending.

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