Statistics Y10 Index Numbers Flashcards
what are index numbers
numbers used to compare the price of an item with a base year price
what is the base year price
the price of the item in the base year (index number = 100)
what does an index number > 100 mean
price has increased since the base year
what does an index number < 100 mean
price has decreased since the base year
calculate index number
(price / base year price) * 100
calculate price with index number
(index number / 100) * base year price
calculate weighted index number
(weighted mean price / base year weighted mean price) * 100
what is the retail price index (RPI)
rate of change of prices used in everyday life including mortgages
what is consumer price index (CPI)
rate of changes of prices used in everyday life excluding mortgages
what are RPI and CPI used for
as a measure of inflation
what is gross domestic product (GDP)
the value of goods and services a country provides within a given time period
what are chain base index numbers
index numbers that compare values from each year with the previous year
claculate chain base index number
(price / last year price) * 100
what is the birth rate
number of births per 1000 population
calculate standard population
(population in age group / total population) * 1000
calculate crude rate
(number of events / total population) * 1000
what events would you use crude rates for
- birth rate
*death rate - unemployment rate
what does the standard population show
the typical population of an age group per 1000 population
what average should you use for percentage change
geometric mean
advantages of chain base index numbers
- compare with previous year - not distant past
- can include new items + delete old items
disadvantages of chain base index numbers
- comparison cannot be made over a large time period
