Theme 1.2 Economic data (unit 2) Flashcards

1
Q

what is a base period?

A

The period, a set time for example a year,with which all values in a series are compared.

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2
Q

what are index numbers?

A

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.

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3
Q

What is a nominal value?

A

Values are adjusted for inflation over the period of time.

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4
Q

what is a real value?

A

Values which aren’t adjusted for inflation.

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5
Q

Why is Economic data collected?

A

Not only to verify or to dispute data but also to provide information to assist decision making.

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6
Q

How should data be interpreted?

A

data should be treated wish care as it can be collected in a variety of ways with varying levels of precision.

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