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DEMAND SCHEDULE: A table that illustrates the alternative quantities of a commodity demanded at different prices.
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PRICE INDEX A measure of the average of a group of prices calculated as a ratio to prices in a given time period (that is, a base year). A price index is primarily used to compare relative prices, or changes in the group prices over time. Such an index is a handy indicator of overall price trends. Two common price indexes that surface in the study of macroeconomics are the Consumer Price Index (CPI) and the GDP price deflator. Both are used to indicate the macroeconomy's average price level and to estimate the inflation rate. The Dow Jones Industrial Average (the Dow), Standard & Poor's 500, and the NASDAQ are well-known indexes of stock market prices.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Good plans shape good decisions. That's why good planning helps to make elusive dreams come true." -- Lester Bittle, Author
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JEH
Journal of Economic History
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