Difference between revisions of "Relative price"
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Relative prices are used in economic analysis as a way to measure '''real''', rather than '''nominal''', fluctuations. | Relative prices are used in economic analysis as a way to measure '''real''', rather than '''nominal''', fluctuations. | ||
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Latest revision as of 18:21, July 13, 2016
Relative price relates the price of one good in terms of another good. A particular good's relative price with respect to another good is how much of this other good must be given to obtain one more unit of the particular good.
Relative prices are used in economic analysis as a way to measure real, rather than nominal, fluctuations.
