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2 cards from this section. Quick, good the night before a test.
What is the main purpose of an index number?
Think about what indices help us track.
Define inflation.
Consider what happens to your money's value over time.
What does an index number measure?
Consider the function of index numbers.
True or False: Inflation measures the decrease in prices over time.
Reflect on what inflation actually means.
You are given data about the prices of a specific item over the last decade. Develop an index number for this item, using the first year as the base year. Explain your method.
Focus on the formula for index numbers.
Analyze how a rise in the Consumer Price Index affects lower-income families and propose a solution.
Think about the impact on daily expenses.
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