Glossary

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Inflation-adjusted Family Income: Family income refers to the combined income of all members living in a household. In order to measure changes in income over time, economists have to adjust for the effects of inflation which, in the United States, typically runs about three to four percent a year. Thus, in order to compare income levels one typically starts with the value of the dollar in the earliest year of the comparison and deflates the income of each following year by the cumulative inflation rates of each intervening year.