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Personal Finance

Income and Purchasing Power

QuestionAnswer
Open ended: Monetary policy is actions taken by, ___, when prices are rising to fast. The Fed
Open ended: ___ is a concept that says the dollar you will receive in the future is less than a dollar you receive The time value of money
The lowering of overall price levels Deflation
When prices are rising so rapidly they are out of control Hyperinflation
Open ended: The tool the government uses to measure inflation Consumer Price Index
An increase in the general level of prices for goods and services Inflation
A spending strategy where it means you get the most for your money Optomizing
Saving as much as possible, but only spending when necessary is called Economizing
What are businesses doing when trying to stimulate demand? Advertising
Open ended: This is a specific group of people likely to buy your product or service Target Audience
Open ended: When your prices go up, your ___ goes down Purchasing power
Prices are affected by a number of factors in a market economy. What are 3 methods for setting prices in a market economy? Cost-Plus, Value-Based, and Market-Based
Which pricing strategy requires that a markup is added to the total cost? Cost-Plus
When the consumer is willing to pay whatever price is set by the seller, which pricing strategy is that? Value-Based Pricing
Which pricing strategy uses competitive pricing for similar products? Market-Based Pricing
Consumers wanting to buy more goods or services than are available, can drive up prices and cause inflation. (T/F) True
What is a measure of efficiency with which goods and services are made? Productivity
Open ended: What is the name of the process used to measure productivity? Six Sigma
Tricky: In order to be considered hyperinflation, what must the inflation rates be? 50% per month to 1000% per year
Changing prices affects the spending power of both producers and consumers (T/F) True
Bonus question: What is the most common type of inflation? Demand-Pull inflation
Open ended: What is the most common type of inflation? Demand-Pull inflation
What is the practice of reducing the size or quantity of a product while the price of the product remains the same or slightly increase? Skrinkflation
What type of inflation occurs when prices rise, but at a slow rate? Disinflation
What is it called when producers raise prices because their costs to create products are rising? Cost-push inflation
Open ended: What does it take to stop hyperinflation? Government intervention
Created by: zxnubi
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