index number

n. A number indicating change in magnitude, as of price, wage, employment, or production shifts, relative to the magnitude at a specified point usually taken as 100.

index number

n (Statistics) statistics a statistic indicating the relative change occurring in each successive period of time in the price, volume, or value of a commodity or in a general economic variable, such as the price level, national income, or gross output, with reference to a previous base period conventionally given the number 100

Thesaurus

Noun

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 timeindicator, index, indicantfact - a statement or assertion of verified information about something that is the case or has happened; "he supported his argument with an impressive array of facts"BMI, body mass index - a measure of someone's weight in relation to height; to calculate one's BMI, multiply one's weight in pounds and divide that by the square of one's height in inches; overweight is a BMI greater than 25; obese is a BMI greater than 30business index - a statistical compilation that provides a context for economic or financial conditions; "this business index is computed relative to the base year of 2005"leading indicator - one of 11 indicators for different sections of the economy; used by the Department of Commerce to predict economic trends in the near futureprice index, price level - an index that traces the relative changes in the price of an individual good (or a market basket of goods) over timeshort account - the aggregate of short sales on an open marketstock index, stock market index - index based on a statistical compilation of the share prices of a number of representative stocks

index number

index 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.

Bibliography

See R. Marris, Economic Arithmetic (1958); Z. Karabell, The Leading Indicators: A Short History of the Numbers That Rule Our World (2014).

index number

a 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] (statistics) A number indicating change in magnitude, as of cost or of volume of production, as compared with the magnitude at a specified time, usually taken as 100; for example, if production volume in 1970 was two times as much as the volume in 1950 (taken as 100), its index number is 200.

index number

Index number

A way to standardize the price changes of goods that have much different prices. For example, a consumer price index might be represented by a shopping cart of goods. Suppose those goods cost $324. The index would begin by dividing by 3.24 and the initial value would be 100. One usually watches the percentage increases or decreases in the index. See: Consumer Price Index (CPI), Time series models

Base Value

An often arbitrary figure used as the initial value of an index. All future values of the index are comparisons against the base value. For example, suppose an index is formed in 2001 and its base value is 100. If the index is 150 in 2009, it means that its value is 50% higher in 2009 than it was in 2001. It is also called the index number. See also: Base Year.

index number

a 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.

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index number

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Bibliography

index number

index number

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Index number

Base Value

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Synonyms for index number

noun a number or ratio (a value on a scale of measurement) derived from a series of observed facts

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