Chapter 13 : Lesson 2 Inflation

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Presentation transcript:

Chapter 13 : Lesson 2 Inflation

Essential Question: Whom does inflation hurt the most?

Deflation: sustained decrease in the general level of the prices of goods and services

World Inflation Rates

Price Index: statistical series used to measure changes in the price level over time

Market Basket: representative collection of goods and services used to compile a price index

Base Year: year serving as point of comparison for other years in the price index or other statistical measure

Creeping Inflation: relatively low rate of inflation, usually 1 to 3 percent annually

Hyperinflation: abnormal inflation in excess of 500 percent per year; last stage of monetary collapse

Stagflation: combination of stagnant economic growth and inflation

Demand-pull Inflation: explanation the prices rise because all sectors of the economy try to buy more goods and services than the economy can produce

Cost-push Inflation: explanation that rising input costs, especially energy and organized labor, drive up the cost of products for manufacturers and thus cause inflation

Creditors: persons or institutions to whom money is owed

debtors: persons or institutions that owe money

Review Question: Chapter 13 : Lesson 2 Read pages 375-381 and answer Review Questions on page 381. Hand in Google Class Room.

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