What is Market basket?
[[File:Warenkorb - Market basket - Flickr - photoheuristic.info.jpg|thumb|Like in real life, a market basket will contain different products and services. The building in the background is the European Central bank]] In [[economics]] a '''customer basket,''' '''market basket '''or''' commodity basket''' is a [[set]] of different amounts of different [[Good (economics)|goods]] and possible [[Service (economics)|services]]. The commodity basket will contain goods and services a typical consumer will likely need. [[Commodity]] baskets can be used for two things: First, the price level of two [[Economy|economies]] can be compared. Secondly, using the same basket, it is possible to show how prices change over time. The amount of money needed to buy everything in the basket, over time, is called [[consumer price index]]. == Commonly in the basket == The basket will contain different goods and services, such as: * '''Food and drink''': milk, bread, coffee, meat, beer, wine, etc. * '''Housing''': monthly rent, fuel oil (used for heating), furniture * '''Clothing''': shirts, pants, socks, jewelry, etc. * '''Transportation''': Cost of season ticket of public transport, cost of car, cost of fuel for the car * '''Medical care''': Cost of prescription drugs, perhaps cost of medical [[insurance]] if it exists. [[Category:Microeconomics]] {{stub}}