Theme 1.2 Economic data (unit 2) Flashcards
1
Q
what is a base period?
A
The period, a set time for example a year,with which all values in a series are compared.
2
Q
what are index numbers?
A
an indicator showing the relative value of one number to another from a base unit of 100. It is often used to present an average of a number of statistics. Such as Economic growth.
3
Q
What is a nominal value?
A
Values are adjusted for inflation over the period of time.
4
Q
what is a real value?
A
Values which aren’t adjusted for inflation.
5
Q
Why is Economic data collected?
A
Not only to verify or to dispute data but also to provide information to assist decision making.
6
Q
How should data be interpreted?
A
data should be treated wish care as it can be collected in a variety of ways with varying levels of precision.
