index number
index number
index number
Noun | 1. | index number - a number or ratio (a value on a scale of measurement) derived from a series of observed facts; can reveal relative changes as a function of time |
单词 | index number | |||
释义 | index numberindex numberindex number
index numberindex number,in econometrics, a figure reflecting a change in value or quantity as compared with a standard or base. The base usually equals 100 and the index number is usually expressed as a percentage. For example, if a commodity cost twice as much in 1970 as it did in 1960, its index number would be 200 relative to 1960. Index numbers are used especially to compare business activity, the cost of living, and employment; one of the most influential indexes in the United States is the Consumer Price Index (see under cost of livingcost of living,amount of money needed to buy the goods and services necessary to maintain a specified standard of living. The cost of living is closely tied to rates of inflation and deflation. ..... Click the link for more information. ). Index numbers enable economists to reduce unwieldy business data into easily understood terms. BibliographySee R. Marris, Economic Arithmetic (1958); Z. Karabell, The Leading Indicators: A Short History of the Numbers That Rule Our World (2014). index numbera measure which shows average changes over a period of time in the price, quantity or value of one, or a collection, of items. The RETAIL PRICE INDEX and the Index of Production are examples of indices that measure a collection (basket) of items. Any series of figures can be put into index form. In a time series the chosen base year is set to 100 and all the changes are calculated relative to that base year. If there is only one variable in the index, this is done by obtaining the ratio of the current value to the base year value and multiplying by 100: If an index, for example the Index of Average Price of New Dwellings, contains only one variable, the calculation of the Index is straightforward. The construction of composite indices has to take into consideration the choice of items to be included, their availability and reliability he need for weights, and the method of calculation. Most indices are weighted to reflect the relative importance of the various items. A Laspeyres index uses weights fixed in the base year. As time goes on this can make the weighting system unrepresentative. A Paasche index uses weights from the current year. This retains representation but makes comparison more difficult. One technique to overcome lack of representation is to relate the changes in the index to the previous year instead of the base year. This is known as ‘chain basing’. Index numbers can also be re-based, i.e. a more recent year is used for the base year. index number[′in‚deks ‚nəm·bər]index numberIndex numberBase Valueindex numbera single numerical value that reflects the relative size of a VARIABLE in the period under review compared with its size in some predetermined BASE YEAR. For example, a RETAIL PRICE INDEX takes the same sample of goods and services in each period and measures the average price of this typical basket of goods and services, showing this average price in the form of a single index number.The base period of an index is, by convention, given an index number of 100. For the UK Retail Price Index, this period is (currently) 1987, and subsequent percentage changes commence from that year. In 2004 the Retail Price Index was 187, suggesting that retail prices have increased by 87% on average between 1987 and 2004. Regardless of whether the index is in terms of price, volume or value, the principle of index numbers remains the same: to exhibit simply and concisely the measured change in a variable from one period to another. See PRICE INDEX, INDEXATION, INDEX-LINKED. index number
Synonyms for index number
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