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Inflation

TermDefinition
What is inflation? The steady and persistent increase in the general level of prices. It’s the rate at which your money loses its ability to buy things
How would you calculate a simple price index? Price in any year/Price in base year x 100
What is the official measure of inflation in Ireland? The Consumer Price Index (CPI)
What are the economic uses of the CPI? Measures rate of inflation International comparisons Indicator of the country’s/government’s performance Indexation of savings and investments Used in wage negotiations Used by governments to index tax bands
What precautions should be taken when using the CPI? An index of the average consumer Not a cost of living index Lags behind consumer trends and fashions Static weights Quality changes in products Substitution of products
What are the factors that cause inflation? Demand pull factors Cost push factors Imported inflation Government induced inflation
What are the dangers of high inflation? Lower standard of living Fixed income holders Speculation encouraged Borrowing encouraged Wage demands Loss of international competitiveness Savings discouraged Increase in unemployment
What is deflation? It occurs when there is a general decrease in the average level of prices
Popular Economics sets

 

 



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