Resource Prices

Definition

Resource prices refer to the costs associated with acquiring various inputs used in production, such as labor, raw materials, and capital. These prices play a crucial role in determining production costs for businesses.

Related terms

Input Costs: Input costs are expenses incurred by businesses for resources or factors of production used in their operations.

Wage Rates: Wage rates represent the price paid for labor services or hourly wages.

Cost-push Inflation: Cost-push inflation occurs when rising resource prices lead to an increase in overall price levels across an economy.