Answer:
market basket.
Step-by-step explanation:
-The producer price index (PPI) is a measurement of the variation in the prices that producers receive for their goods.
-A base year is the year used as a reference when an index is constructed.
-The market basket is a list of items that are frequently purchased and it is used to calculate the cost of living.
-The consumer price index (CPI) is a measurement of the variation in the price of the market basket.
So, a representative selection of commonly purchased goods and services used by consumers is called the market basket.