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INDEX: A measure of the relative average of a group of items compared to a given base value. Index measures are commonly used in economics to combine and compare diverse measures. One common type of index measure is for prices, such as the Consumer Price Index and the Dow Jones Industrial Average of corporate stock prices. Another noted type of index measure is to track macroeconomic activity, especially the index leading economic indicators. Indexes are usually weighted averages rather than simple arithmetic means that are measured relative to a base value or period. The Consumer Price Index, for example, measures the prices of consumer good, weighted by the quantities purchased. The value of a given period is then stated relative to a base year value, which generates a pure, "unitless" number in the range of 100 (give or take).
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THEORY: A scientifically verified, interrelated body of general principles, axioms, and assumptions that is used to explain and understand real world phenomena. Theories are the cornerstone of the scientific method. They generate the hypotheses that are verified against real world data, which is the day-to-day process of doing science. The construction and refinement of theories, accomplished through the hypothesis verification process, is also the basic goal of doing science. See also | scientific method | phenomenon | hypothesis | principle | verification | axiom | world view | cause and effect | data | law of demand | economics | science | social science | physical science |
Recommended Citation:THEORY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 15, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: theory
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INDEX OF CONSUMER SENTIMENT A measure of consumer attitudes, preferences, and expectations concerning the state of the economy and business-cycle conditions that is compiled each month by the Survey Research Center at the University of Michigan. The Index of Consumer Sentiment is one of two primary measures of consumer attitudes. The other is the Consumer Confidence Index developed by The Conference Board.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for mail order catalogs with hidden messages.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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RBC
Real Business Cycle
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