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Krugman AP Macroeconomics Chapter 15

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Subject: 
Economics
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Price indices
economics
Statistics
Econometrics
Deflator
GDP deflator
inflation
Consumer price index
Price index
Real versus nominal value
Real versus nominal value
Real gross domestic product
Index
Business
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
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Chapter 15: The Measurement and Calculation of Inflation ? -How the inflation rate is measured -What a price index is and how it is calculated -The importance of the consumer price index and other price indexes ? Aggregate Price Level: a measure of the overall level of prices in the economy/single number to represent the overall level of prices Market Basket: a hypothetical set of consumer purchases of goods and services/Hypothetical Consumption bundle Consumption bundle: the typical basket of goods and services purchased before the price changes Price index: measure of the cost of purchasing a given market basket in a given year Base year: always results in a price index of 100 Price indexes are also the basis for measuring inflation

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