Basket of goods and services

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Basket of goods and services is a hypothetical group of different items, with specified quantities of each one, used as a basis for calculating how the price level changes over time.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Basket of goods and services. A hypothetical group of different items, with specified quantities of each one, used as a basis for calculating how the price level changes over time.
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