Macro: Unit 1.6 -- Price Indices and Measuring Inflation
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Practice using market basket data over consecutive years to calculate the Consumer Price
Index number
Demonstrate how a country can use CPI numbers to measure inflation over time
Practice using GDP data over consecutive years to calculate the GDP Deflator
number
Demonstrate how a country can use GDP Deflator numbers to measure inflation over time
Demonstrate how to calculate the percentage change in nominal wages and profits and
compare those changes to the inflation rate to determine whether real wages and profits
increased or decreased over time
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