CHAPTER 2 ECONOMIC DATA Flashcards
1
Q
Base period
A
The period, such as year or a month, with which all other values in a series are compared.
2
Q
Index number
A
An indicator showing the relative value of one number to another from a base of 100. It is often used to present an average of a number of statistics.
3
Q
Nominal values
A
Values unadjusted for the effects of inflation (i.e. values at current prices.)
4
Q
Real values
A
Values adjusted for inflation (i.e. values at constant price.)
