Statistics - Unit 6
- Created by: emma feilden
- Created on: 20-09-22 10:41
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- Unit 6 - Index Numbers
- Chain Base Index Number
- Shows how values change from year to year
- previous year used as base year
- = Price / Last year's price x 100
- Shows how values change from year to year
- Index numbers
- =Price / Base year price
- Compares the price change of an item with a base year price
- It's a %
- Index Number > 100 = Increase in value
- Definitions
- Retail Price Index (RPI) - Shows rate of change in everyday items
- Consumer Price Index (CPI) - Shows the rate of change of prices in everyday goods - doesn't include mortgage
- Recession - When the GDP falls for 2 or more successive quarters
- Gross Domestic Product (GDP) – Value of goods and services produced in a country in a given amount oftime.
- Rates of Change
- Crude Rate
- How manny times a particular event occurs per 1000 at a given time
- = Number of births / Total population x1000
- Can be misleading when used for comparing against somewhere with different distributions of age
- Standard Population
- Represents whole population.
- Hypothetical population of 1000 people
- = Number in age group x 1000 / Total population
- Represents whole population.
- Standardised Rate
- Allows you to compare the same age group in a different population
- = Crude Rate x Standard Population / 1000
- Crude Rate
- Chain Base Index Number
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