Index:
An index is a statistical measure of change in a representative collection of individual data points used in Statistics, Economics, and Finance.
These numbers can come from a variety of places, such as firm performance, pricing, productivity, and employment.
Types:
There are three different kinds of index numbers that are often utilised.
Price index, quantity index, and value index are the three types.
These index numbers can be calculated using an aggregate technique or a relative average method.
Final answer:
Hence, a statistical measure of change in a representative collection of individual data points is known as index and the theree types of index numbers are price index, quantity index, and value index.