Index numbers Flashcards
1
Q
What is RPI?
A
Retail Price Index - shows the rate of change of prices in everyday life.
2
Q
What is CPI?
A
Consumer Price Index - same as RPI but does not include mortgage payments. State benefits and pensions are increased in line with CPI
3
Q
What is GDP?
A
Gross Domestic Product - value of good and services a country produces within a time period
4
Q
What is standard population?
A
A hypothetical population of 1000 people that is representative of the whole population.
