A post for A2 Economists - 1

It might be said that the Oxbridge/Harvard group is the 'elitist' group in Economics at EF. However the average grade per student (for Economics) is actually higher in the other group. The attendance rate is also higher - as is the participation.

So maybe it is the OTHER group that is making more progress - especially the Chinese sector.

With that in mind I am going to put a series of posts for discussion.

This is to allow you to apply your knowledge.

Of course if it is too difficult for you then I'll open it up to AS pupils - some of whom are way ahead of where the equivalent 'super group' were last year....and that's without textbooks!

So, here is the first question for discussion:

Sometimes we see the "Petrol prices are a 2009 low price of £4.50 a gallon which is the lowest inflation adjusted price for 5 years" (This is just an example)

This is my question:

What is 'inflation adjusted' and is such an adjustment a valid way of comparing prices?

I notice also that in various Chinese/Russian blogs in the A2 group, I ask questions and you don't answer. So I won't be asking questions any more.