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COMPOSITE INDICATORS ALTERNATIVE MEASURES OF COMPARATIVE ECONOMIC PERFORMANCE

COMPOSITE INDICATORS ALTERNATIVE MEASURES OF COMPARATIVE ECONOMIC PERFORMANCE. THE INDEX OF ECONOMIC FREEDOM. What is a Composite Indicator? (Source: OECD: http:// stats.oecd.org/glossary/detail.asp?ID=6278 ).

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COMPOSITE INDICATORS ALTERNATIVE MEASURES OF COMPARATIVE ECONOMIC PERFORMANCE

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  1. COMPOSITE INDICATORSALTERNATIVE MEASURES OF COMPARATIVE ECONOMIC PERFORMANCE THE INDEX OF ECONOMIC FREEDOM

  2. What is a Composite Indicator?(Source: OECD: http://stats.oecd.org/glossary/detail.asp?ID=6278) • A composite indicator is formed when individual indicators are compiles into a single index, on the basis of an underlying model of the multi-dimensional concept that is being measured. • A composite indicator measures multi-dimensional concepts (e.g. competitiveness, e-trade or environmental quality) which cannot be captured by a single indicator. Ideally, a composite indicator should be based on a theoretical framework / definition, which allows individual indicators / variables to be selected, combined and weighted in a manner which reflects the dimensions or structure of the phenomena being measured.

  3. The Index of Economic Freedom • Published by the Heritage Foundation in the United States. The Heritage Foundation is a Conservative organization that has traditionally supported the Republicans.

  4. 10 Economic Freedoms • The Index of Economic Freedom has 4 broad categories which cover 10 economic freedoms each year. • Each of these indicators are combined to determine an average score for a country.

  5. Source: The Economic Freedom Index 2012 Heritage Foundation.

  6. Internet Quiz 2012 Economic Freedom Index • Spend 10 minutes reading the supplied handout on the Economic Freedom Index. • Then go to the following website: http://www.proprofs.com/quiz-school/ In the search box at the top of this page type in: Economic Freedom. • You are required to complete 25 multiple choice questions with a 25 minute time limit. • Ensure you enter your name & details before starting.

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