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Definitions

 

Definitions


What is fine jewelry?


For our purposes, we define fine jewelry as jewelry pieces made of gold, platinum or silver, in their pure form or
combined with other lesser metals like copper. Such jewelry pieces can be in plain form or gemset fine jewelry.
What is personal consumption expenditure?


Personal consumption expenditure (PCE) is the primary measure of consumer spending on goods and services in the
U.S. economy. PCE records purchases for personal use by U.S. residents, wherever the purchases take place.


What is a cohort?

In simple terms, a cohort is a group of people used in a study who have something (such as age or social class) in
common.

Who are baby boomers?

Baby boomers are people born during the demographic Post–World War II baby boom between the years 1946 and 1964. 

What is the difference between households and families?

A family consists of two or more people (one of whom is the householder) related by birth, marriage, or adoption
residing in the same housing unit. A household consists of all people who occupy a housing unit regardless of
relationship. A household may consist of a person living alone or multiple unrelated individuals or families living
together.

What is the difference between a median and a mean?

For example, median income is the amount which divides the income distribution into two equal groups, half having
income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group.

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