+
4 Tutorials that teach Index Number and Reference Value
Take your pick:
Index Number and Reference Value

Index Number and Reference Value

Author: Ryan Backman
Description:

This lesson will explain the use of index numbers derived from a reference value.

(more)
See More

Try Our College Algebra Course. For FREE.

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial
TERMS TO KNOW
  • Index Number

    A way to measure the relative change in a value, usually the price of a good or service, over time. If the index number is over 100, that means the price has increased. If the price has decreased, then the index number will be less than 100.

  • Reference Value

    An arbitrarily chosen starting value for an index. It is assigned an index number of 100.

  • Consumer Price Index

    An index published by the US Bureau of Labor Statistics that shows the change in the price of many different goods or services in the United States. It provides a measure of purchasing power.

  • Inflation

    A relative increase in the price of a good or service over time. A person will need to pay more to receive the same good or service than they did at a previous point in time.