STUDENTS WILL LEARN
1. Explain that a price index is used to measure the price level.
2. Explain that a change in a price index represents inflation or deflation.
3. Explain that an increase in the price level indicates inflation while a decrease in the price level is referred to as deflation.
4. Explain that a price index is constructed by comparing current prices of a market basket of items to the prices of the same market basket of items in some base year.
5. Inform students how to create their own price index.
6. Describe some of the events that can cause a change in prices of agricultural
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