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Basket of goods in different countries
The document discusses the concept of a 'basket of goods', which is a collection of consumer products and services used to track inflation and calculate the consumer price index (CPI). It includes categories such as food, housing, and transportation, with data collected annually to compare price changes over time. Additionally, it outlines a group activity to compare prices of selected items between different countries and encourages exploring fun facts about currencies.
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Basket of goods in different countries
- 1. Basket of goodsin different countries „New Literacy Set” Project 2015-2017
- 2. First, let’s havesome fun… • go on https://b.socrative.com/ • Are you satisfied with the results? • What surprised you the most?
- 3. What is basketof goods? • set of consumer products and services valued usually on an annual basis, • it trackS inflation in country, • it is used to calculate the CONSUMER PRICE INDEKS.
- 4. The consumer priceindex (CPI)? • it is a measure of price levels, • also called “Cost of living index”, • https://www.youtube.com/watch?v=vtx3UAEm3 O0 - The Consumer Price Index • https://www.youtube.com/watch?v=-yQ_i-jByw0 - Consumer price index and inflation rate
- 5. …and back tobasket of goods… • it contains everyday products (food, clothing, furniture, services…), • as the products in the basket increase or decrease in price, the overall value of the basket changes, • data on the costs is collected annually and it compares the price of the basket to the previous year (or other base year).
- 6. • The goodsand services in a basket of goods fall into eight major categories: – food and beverage, – housing, – apparel, – transportation, – medical care, – education, – communication, – recreation and other.
- 7. Group work: • ingroup of four compare prices between two different countries • use https://www.numbeo.com/cost-of- living/compare_countries.jsp
- 8. • What aresignificant differences in prices of: – Coke/Pepsi (0.33 liter bottle), – Milk (regular) (1 liter), – Loaf of Fresh White Bread (500g), – One-way Ticket (Local Transport), – 1 Pair of Nike Running Shoes (Mid-Range), – Fitness Club, Monthly Fee for 1 Adult, – Cinema, 1 Seat.
- 9. • Are yousurprised by the results? • What thrilled you the most?
- 10. • In pairsread list of Fun Facts about currencies and money. • Choose five most interesting!