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Introduction + Index numbers Flashcards

(7 cards)

1
Q

Macroeconomics Definition

A

To look at economy as a whole and how it affected by key indicators such as unemployment, trade, growth and price levels

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2
Q

Economy Definition

A

State of a country or region in terms of production and consumption

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3
Q

Formula for calculating index numbers when you have raw base year

A

Current year’s raw value / Base year’s raw value x 100

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4
Q

Formula for calculating index numbers when you DON’T have raw base year

A

Current year’s raw value / Previous year’s raw value x Previous year’s index value

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5
Q

What is a weighted index

A

An ‘average’ index made up of a combination of indices

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6
Q

HDI is

A

Weighted index number
between an index number representing GNI per capita,
an index number representing life expectancy, and a index number representing number of years of schooling

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7
Q

CPIH

A

The cost price index for housing
The measure for inflation

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