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INFLATION: A persistent increase in the average price level in the economy. Inflation occurs when the AVERAGE price level (that is, prices IN GENERAL) increases over time. This does NOT mean that ALL prices increase the same, nor that ALL prices necessarily increase. Some prices might increase a lot, others a little, and still other prices decrease or remain unchanged. Inflation results when the AVERAGE of these assorted prices follows an upward trend. Inflation is the most common phenomenon associated with the price level.

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HDI: An abbreviation of the Human Development Index, whichn is a summary composite index that measures a country's average achievements in three basic aspects of human development: longevity, knowledge, and a decent standard of living. Longevity is measured by life expectancy at birth; knowledge is measured by a combination of the adult literacy rate and the combined primary, secondary, and tertiary gross enrollment ratio; and standard of living is measured by GDP per capita. The Human Development Index (HDI), reported in the Human Development Report of the United Nations, is an indication of where a country is development wise. The index can take value between 0 and 1. Countries with an index over 0.800 are part of the High Human Development group. Between 0.500 and 0.800, countries are part of the Medium Human Development group and below 0.500 they are part of the Low Human Development group.

     See also | Gini index | income distribution | wealth distribution | equity |


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HDI, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 17, 2018].


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AVERAGE PROPENSITY TO CONSUME

The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.

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