ECON211 Lecture Notes - Lecture 2: Weighted Median, Producer Price Index, Weighted Arithmetic Mean
16 Dec 2016
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Human development index (hdi): measure of standard of living rather than the change and is used for international comparisons, calculates in index form: Stock: a measure that is de ned at a point in time. Flow: a measure that is de ned per unit of time, interval . Investment: spending by rms on nal goods and services, primarily capital goods and housing. Capital: physical things => something that can be used to produce other things: a factor of production". National accounts: represent ows of expenditure, production or income. To account for inventory changes between production and expenditure, we add them to investment expenditure. Consumption expenditure takes priority (for survival), so biggest component of aggregate expenditure (particularly large proportion in less developed countries) In ation: a sustained increase in the general price level, measures: The consumer price index: a measure of the average price change of a representative basket of goods and services typically purchased by the typical metropolitan household.
