Focus on Economic Data: The September Inflation Rate - October 14, 2005
Glossary terms from:
Monetary or non-monetary gain received because of an action taken or a decision made.
Decision made or course of action taken when faced with a set of alternatives.
Consumer Price Index (CPI)
A price index that measures the cost of a fixed basket of consumer goods and services and compares the cost of this basket in one time period with its cost in some base period. Changes in the CPI are used to measure inflation.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
Tangible objects that satisfy economic wants.
Individuals and family units that buy goods and services (as consumers) and sell or rent productive resources (as resource owners).
Accommodation in houses, apartments, etc.
Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
A rise in the general or average price level of all the goods and services produced in an economy. Can be caused by pressure from the demand side of the market (demand-pull inflation) or pressure from the supply side of the market (cost-push inflation).
Money paid regularly, at a particular rate, for the use of borrowed money.
The quantity and quality of human effort available to produce goods and services.
The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
People and firms that use resources to make goods and services.
A good or service that can be used to satisfy a want.
A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.
In a credit arrangement, the total amount spent during the billing cycle.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
Activities performed by people, firms or government agencies to satisfy economic wants.
Compulsory payments to governments by households and businesses.