The Big Mac index

Ian W. (Canada)
http://www.economist.com/content/big-mac-index
13 words 4 learners

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Full list of words from this list:

words only definitions & notes
  1. parity
    functional equality
    It is based on the theory of purchasing-power parity (PPP), the notion that in the long run exchange rates should move towards the rate that would equalise the prices of an identical basket of goods and services (in this case, a burger) in any two countries.
  2. notion
    a general inclusive concept
    It is based on the theory of purchasing-power parity (PPP), the notion that in the long run exchange rates should move towards the rate that would equalise the prices of an identical basket of goods and services (in this case, a burger) in any two countries.
  3. precise
    sharply exact or accurate or delimited
    Burgernomics was never intended as a precise gauge of currency misalignment, merely a tool to make exchange-rate theory more digestible.
  4. gauge
    a quantity or quality against which others are judged
    Burgernomics was never intended as a precise gauge of currency misalignment, merely a tool to make exchange-rate theory more digestible.
  5. version
    something a little different from others of the same type
    For those who take their fast food more seriously, we have also calculated a gourmet version of the index.
  6. address
    the place where a person or organization can be found
    This adjusted index addresses the criticism that you would expect average burger prices to be cheaper in poor countries than in rich ones because labour costs are lower.
  7. equilibrium
    a stable situation in which forces cancel one another
    PPP signals where exchange rates should be heading in the long run, as a country like China gets richer, but it says little about today's equilibrium rate.
  8. sterling
    British money
    The 'Select base currency' button allows you to choose from five base currencies: the yuan, the euro, the yen, sterling and the US dollar.
  9. default
    an option that is selected automatically
    By default, the panel at the bottom displays a scatter chart plotting the local price of a Big Mac (expressed in the current base currency) against GDP per person in that country.
  10. panel
    sheet that forms a distinct section of something
    By default, the panel at the bottom displays a scatter chart plotting the local price of a Big Mac (expressed in the current base currency) against GDP per person in that country.
  11. scatter
    distribute loosely
    By default, the panel at the bottom displays a scatter chart plotting the local price of a Big Mac (expressed in the current base currency) against GDP per person in that country.
  12. plot
    a chart, map, or graph showing progress, distribution, etc.
    By default, the panel at the bottom displays a scatter chart plotting the local price of a Big Mac (expressed in the current base currency) against GDP per person in that country.
  13. indicator
    a device for showing the operating condition of some system
    On a desktop or laptop (except in Internet Explorer), you can click on the map to 'freeze' the country, allowing you to mouse over the line chart and see detailed indicators over time.
Created on Tue Apr 23 13:10:24 EDT 2013 (updated Tue Apr 23 13:13:17 EDT 2013)

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