Theme 1.2 Economic data (unit 2) Flashcards
what is a base period?
The period, a set time for example a year,with which all values in a series are compared.
what are index numbers?
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.
What is a nominal value?
Values are adjusted for inflation over the period of time.
what is a real value?
Values which aren’t adjusted for inflation.
Why is Economic data collected?
Not only to verify or to dispute data but also to provide information to assist decision making.
How should data be interpreted?
data should be treated wish care as it can be collected in a variety of ways with varying levels of precision.