An index number of the total value of any economic aggregate at current prices: if p_t is the price and q_t the quantity concerned at time t, the value index is given by V_t = (p_t q_t)/(p₀ q₀ ), where 0 is the base date. Where p_t and q_t are themselves index numbers, as is normally the case in dealing with aggregates, for example consumption, the value index V_t can be found as the product of a price and a quantity index; one of these must be base-weighted and the other current-weighted. Thus where there are i goods, V_t = ∑_i p_it q_it /∑_i p_i0 q_i0 = (∑_i p_it q_it /∑_i p_i0 q_it ) (∑_i p_i0 q_it /∑_i p_i0 q_i0 ), that is, the product of a current-weighted index or Paasche price index and a base-weighted index or Laspeyres quantity index; or alternatively V_t = (∑_i p_it q_it /∑_i p_it q_i0 )/(∑_i p_it q_i0 /∑_i p_i0 q_i0 ), that is, the product of a base-weighted price index and a current-weighted quantity index.

• technology transfer
• tendering, competitive
• tender issue
• tend to infinity
• Tennessee Valley Authority
• tenure, security of
• term loan
• terms of trade
• term structure of interest rates
• TESSA
• test discount rate
• testing, hypothesis
• test, means
• tests of significance
• Thatcherism
• theory of X
• third-degree price discrimination
• third-party insurance
• third world
• threat, credible
• threshold
• thrift
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• tied aid
• tied loan