Go to the Federal Reserve Bank of Minneapolis website listed below to see the calculator called “What is a dollar worth?” You can also download the feature as a free app. The calculator allows you to see what an item purchased in the past costs today. Insert the year you were born, a dollar amount, and the current year. What are your results? Discuss the implications in economic terms. Are there product or service segments that have increased in price more than others?

http://www.minneapolisfed.org