Economists, politicians, and financial analysts use market baskets to track price changes over time and determine inflation levels. A market basket analysis is used by retail stores to predict and increase impulse purchases based on groups of items a customer buys.Ī market basket refers to a selection of goods and services that are consistently purchased and sold throughout an economic system.
The CPI uses over 200 categories, including education, housing, transportation, and recreation, as an economic measure.A popular market basket is the Consumer Price Index (CPI), which provides an estimate for inflation based on the average change of price paid for a specific basket of goods and services over time.A market basket is a selected mix of goods and services that tracks the performance of a specific market or segment.
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