index number

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index number

The index number on the chart shows a steady increase over the past year.

Definition
  1. Noun:
    • A statistical indicator: An index number is a numerical value, often expressed as a ratio, that is calculated from a set of observed data points. Its primary function is to measure and reveal relative changes in a variable over time or across different conditions, using a specific base point (like a base year) for comparison.
Usage
  • General Use: An index number simplifies complex data into a single, comparable figure to track trends, such as inflation, economic activity, or stock market performance.
    • Economists use the Consumer Price Index as an index number to measure changes in the cost of living over time.
    • The index number for industrial production showed a significant increase compared to last quarter.
Advanced Usage
  • Base-Weighted Index: An index number where the quantities from a base period are used as weights.
    • The Laspeyres price index is a common type of base-weighted index number.
  • Chain Index: A series of index numbers where each period is compared to the immediately preceding one.
    • Analysts preferred the chain index number for its ability to reflect recent consumption patterns more accurately.
Variants and Related Words
  • Index (noun): Often used synonymously with "index number" in contexts like financial or economic indices.
    • The Dow Jones Index is a well-known stock market indicator.
  • Indicator (noun): A broader term for a statistic that provides information about trends.
  • Ratio (noun): A relationship between two numbers, which is a fundamental component of many index numbers.
Synonyms
  • Statistical measure
  • Economic indicator
  • Relative number
  • Composite measure
Related Phrases
  • Price index number: An index number specifically designed to measure changes in price levels.
    • The government publishes a monthly consumer price index number.
  • Quantity index number: An index number that measures changes in physical volume or quantity.
  • Index number problem: A theoretical issue in economics concerning the choice of formula for calculating index numbers.
index number

The index number on the chart shows a steady increase over the past year.

Noun
  1. 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 time

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