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What is the meaning of Basic basket? Concept and Definition of Basic basket

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Definition of basic basket


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1. Concept of basic basket

Do you know what is market basket?

It is the set of goods and services essential for a person can meet their basic needs from their income
The basic basket according to the Federal consumer Attorney (Profeco), is the set of goods and services essential for a person or a family can meet their basic needs from their income; in other words, a basic basket is one that has all the necessary products in order to have a healthy life, both physically and mentally.
The idea was born at the beginning of the 20th century and is it must to the English chemist Seebohm Rowntree, who was studying the exact amount of nutrient for the functioning of the human body in order to structure the problem of poverty of the workers in the city of York.
Over time, other factors to the basic basket, is included since they used this measure to know much you have to spend a person to be able to meet their primary and thus needs, develop their potential.
Some products that are part of the basket are: oil, bottled water, rice, tuna, sugar, meat, roasted and soluble coffee, beer, chocolate, electricity, domestic gas, services telephone, detergents, soaps, drugs, toothpaste, soft drinks, petrol, transport, computer, Internet, refrigerators, televisions, movies, notebooks and pencils among others.
In Mexico, we use this measurement to calculate inflation; the Bank of Mexico (Banxico), brings together 80 products of the basic basket and compares them with the income-expenditure of the average families in the country.
To facilitate its study, Banxico placed all products to study in seven groups which are:
(a) food, beverages and tobacco.
b) clothing, footwear and accessories.
(c) furniture, household appliances.
(d) health and personal care.
(e) transport.
(f) education and entertainment.
(g) other.
The NCPI measurements are published early Tuesday and the 24th of each month, in order to know how much increased prices in general and opt for measures that keep inflation stable.
Another institution that measures and study the prices is the Attorney Federal consumer (PROFECO), in order to provide consumer information about the variety of prices and quality of different products, as well as their availability and whether these can be purchased by the majority of Mexicans.
For more information about the basic basket we recommend that you enter the page of the Bank of Mexico (www.banxico.org.mx) and consult the national index of prices to the consumer, there you can see the entire list of products which are in the basket and the behavior of inflation. If your interest is to know the different prices within the portal of the Profeco (www.profeco.gob.mx) visit the section who's who at prices where you can know difference in prices of products by brands or sales sites.

2. Definition of basic basket

The basic basket Venezuela is a set of goods and services that are indispensable for all family type and this must possess in order to satisfy their basic needs of consumption from your income.
Then, the basic basket Venezuela has an approximate amount of 400 items, which include food products as services.
What is the procedure to calculate the price of the basic basket?
With the objective of determining the value of the final content in the basic basket, is a statistic on the average family. Thus, the National Institute of statistics (INE) must carry out the survey income-expenditure of households, which provides associated expenditures of households in more than 400 goods and services.
After the study, the Bank of Venezuela selected certain products and services and integrated them into a basic basket, to calculate the weight of each in the construction of the INPC, performing the renowned weighting.
Then, the table of the main headings and the weighting in the calculation of the basic basket of Venezuela:
• Food and non-alcoholic beverages: 22.9%
• Alcohol and tobacco: 1.5%
• Restaurants and hotels: 6.1%
• Dress and footwear: 6.5%
• Rental of dwelling: 15.1%
• The housing services: 3.5%
• Furniture, equipment of home: 5.6%
• Health: 4.2%
• Transport: 13.3%
• Communications: 5.2%
• Recreation and culture: 5.1%
• Education services: 4.8%
• Goods and services: 6.2%

3 Meaning of basic basket

Referred to as basic to that set of food presented in a certain amount, which is what is considered that he meets the needs of calories and protein in what is known as average household: father, mother and two children.
Now however, it is important to highlight that the basic food basket implies a minimum of food, i.e. is the basics, is what needs a family group to avoid falling into the food need and in a situation of poverty, but by no means consuming it all enough nutrients will be eating.
This shows that it can not be considered as an ideal diet and to follow, but on the contrary, since it must add them other foods to make it complete.
Consuming it, a family is guaranteed, as noted, only, not fall into unmet needs.
For instance, it is that it not be used it as a model to follow in what is known as nutritional education, even for determinadar food from a person or community needs.
Normally it is composed by: milk, eggs, rice, corn, cheese, coffee, bread, cereal, oil, butter and meat, and is taken as a reference to food needs that has one older adult between 30 and 59 years of age.
The calculation of the basic food basket is made in relation to the information that the Central Bank says with respect to prices that they observe those products that are within the basic basket.
The amount of calories needed per day for the price of each product type home you must multiply. The sum of each of the food throws as a result the cost per day which is a basic food basket.
When a person or family can not meet: the basic basket of food, clothing, and home, it will be located within a State of destitution.
Then, the value of the basic food basket is which marks the dividing line with destitution and undoubtedly stands as the basic instrument for measuring poverty in the countries.

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