To calculate the price level, economists begin with the concept of a:

1. Measuring the price level needs a fixed shopping list. 2. Economists combine prices of many goods into a single price level. 3. They begin with the concept of a basket of goods and services. 4. It consists of the different items people typically buy. _Source: OpenStax Principles of Macroeconomics for AP Courses 2e (CC BY 4.0), Ch 8 'Inflation'_