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Stats GCSE Index numbers
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21 Terms
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1
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What does an index number do?
Compares the price change of an item with its base year price
2
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How to calculate index numbers
(price/base year price)\*100
3
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What does an index number mean?
>100=increase
4
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What’s the retail price index?
Shows a rate of change of prices of everyday goods
5
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Examples of what the RPI is about
Mortgages, food and heating
6
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What’s the consumer price index?
Official measure of inflation used by UK government
7
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What’s the difference between RPI and CPI?
CPI doesn’t include mortgage payments
8
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What’s the gross domestic product?
Value of goods and services produced in a country in a given amount of time
9
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What means an economy is in recession?
If the GDP falls for 2 or more quarters
10
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What does a weighted index number do?
It takes into account proportions
11
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How to calculate the weighted index number
(sum of (index number\*weight))/sum of weights
12
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What does a chain base index number do?
Compares prices from each year to the previous year
13
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How to calculate CBIN
(price/last year’s price)\*100
14
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What kind of index numbers are RPI and CPI?
CBIN that show annual or monthly changes
15
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What’s the crude birth rate?
Number of births per thousand of the population
16
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What’s the crude death rate?
Number of deaths per thousand of the population
17
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How to calculate crude rate
(number of births or deaths/total population)\*1000
18
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What’s the standard population?
Hypothetical population of 1000 people used to represent the whole population
19
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How to calculate standard population
(number in age group/total population)\*1000
20
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What does a standardised rate do?
Allows you to compare the same age group in different populations.
21
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How to calculate the standardised rate
(crude rate/1000)\*standard population
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