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| Name | The 'Big Mac Index’: A Quick Look |
| Video Uploader | Video From Illustrated Finance & Economics |
| Upload Date | This Video Uploaded At 03-09-2023 21:05:58 |
| Video Discription | This video explores how the price of a Big Mac has become a legitimate way to track the inflation rate of each country worldwide. Discover why the Big Mac has become a universal reference point for economists and analysts, and why it can be used to compare the purchasing power across different countries. Leave a comment with the price of a Big Mac in your country and join the discussion! Transcript: You may have heard of the Consumer Price Index, but have you heard of the "Big Mac Index?" Yeah, you heard that right, the Big Mac Index! You see, inflation is a hard statistic to track across multiple different countries worldwide, as every country has it's own unique economy. What do I mean by this? Some countries have an abundance of silver, gold, oil and countless other natural resources where other countries may be lacking. However, McDonalds is present in almost every country across the globe, and the ingredients to make a Big Mac are simple, and easy to obtain. As a result, the price of the Big Mac has become a legitimate way to track the inflation rate of each country worldwide. In 2002, the price of the iconic burger in the United States was a mere $2.39, whereas now you can pick up the same sandwich for $5.58, an increase of 75% Compare this to the rate that rent has gone up in that same time period and you'll find the two figures are massively different: 98%! Rent and the general price of other goods like oil and chocolate do not go up equally everywhere across the world. It's very difficult to compare the real estate price rises of San Fransico against the same asset class in London, for example. But, because of the ubiquity of McDonald's restaurants, what seems like a joke figure has actually become a legitimate index. Crazy, right? Let's try something here: Leave a comment with the country you live in, and the price of a Big Mac sandwich at your local McDonalds in US Dollars. As for me, one Big Mac in the United Kingdom will cost you £4.99, which is roughly $6.08 If you enjoyed this, you might be interested in finding out why, in my opinion, winning the lottery is a death sentence. #illustratedfinance #mcdonalds #bigmac #economics #finance #personalfinance #money #world #funfacts #inflation #statistics #mcdonaldsburger #edutainment #education #moneyfacts hW47zQcivpg |
| Category | Education |
| Tags | Big mac | Big mac index | Economics | Economics facts | Finance | Finance facts | Mcdonalds big mac | Mcdonalds burger | Mcdonalds burgers | Mcdonalds facts | Statistics | big mac | big mac burger | big mac history | economics | economics explained | economy | economy explained | educational | facts | fast food | finance | financial education | history of the big mac | mcdonalds | mcdonalds around the world | mcdonalds facts you dont know | mcdonalds food | money | personal finance | the big mac index | burgers |
