In our first lesson we're going to look at the meaning of the word "index"; find out in which disciplines indices are used; and see what index means in the context of economics.
We then move on to discuss the use of indices for purposes of comparing values expressed in different units, i.e. to see how litres and kilograms, for example, can be made comparable.
In this first lesson we will also study the definitions of the most common economic indices: price, cost and quantity indices. Finally, we briefly discuss what "index" means in such disciplines as anthropology, mathematics and physics.
| Topic 1.1: | An index is a ratio that measures change |
| Topic 1.2: | Indices are used in comparisons |
| Topic 1.3: | Price, cost and quantity indices |
| Topic 1.4: | What else does an index mean? |
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