Final answer:
The most commonly cited measure of inflation and the cost of living is the Consumer Price Index (CPI), which is based on a basket of goods representing what the typical consumer buys. Other measures of economic growth and cost of living include Gross Domestic Product (GDP), Unemployment Rate, Producer Price Index (PPI), and Retail Price Index (RPI).
Step-by-step explanation:
The most commonly cited measure of inflation and the cost of living is the Consumer Price Index (CPI), which is based on a basket of goods representing what the typical consumer buys. It measures the changes in prices of goods and services over time. Another measure of economic growth is the Gross Domestic Product (GDP), which measures the total value of all goods and services produced within a country in a specific period.
Unemployment Rate is another important economic indicator that measures the percentage of the total labor force that is unemployed and actively seeking employment. The Producer Price Index (PPI) measures the average changes in prices received by domestic producers for their output, while the Retail Price Index (RPI) measures the changes in the prices of goods and services bought by households.