The term "price level" refers to the general price of goods and services in an economy at a given time. It is typically measured by taking an average of various prices or by using a specific index, such as the Consumer Price Index (CPI) or the Producer Price Index (PPI). The price level can fluctuate due to changes in demand, supply, inflation, deflation, and other economic factors. It is an important indicator of the overall health of an economy, with a high price level indicating strong demand and low unemployment, while a low price level indicates weak demand and high unemployment.