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Inflation and Price Level Concepts: Understanding Economic Price Changes Over Time

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Economics - Macroeconomics

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andrsonztdc Created by 10 mon ago

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Cards in this deck(21)
An economic concept that refers to increases in the price level of goods over a period of time is known as _____.
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A general and ongoing rise in the level of prices in an entire economy is referred to as _____.
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A decrease in the general price level of goods and services is called _____.
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A negative inflation rate is commonly known as _____.
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The most commonly cited measure of inflation is the _____.
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The _____ is calculated based on the prices in a fixed basket of goods and services that represents the purchases of the average family of four.
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A statistical estimate of the level of prices of goods and services for consumption by households is known as the _____.
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_____ are used to separate changes in real output from changes in the nominal output.
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The aggregate amount of goods and services produced adjusted for price level changes is referred to as _____.
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The aggregate amount of goods and services measured at current prices is known as _____.
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When the inflation rate is 50% a month, it is termed as _____.
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When inflation exceeds 10%, it is referred to as _____.
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When the rise in prices is between 3% to 10%, it is known as _____.
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When the rise in prices is 3% or less, it is termed as _____.
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_____ occurs when the consumer demand for goods and services exceeds their production capacity.
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When the production cost increases its prices, it leads to _____.
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_____ occurs when prices rise and wages increase to maintain the living cost.
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A common practice among central banks globally that aims to influence the level of prices in an economy through the use of several monetary policy tools is called _____.
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A measure of what your money can buy is referred to as _____.
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There is a consensus among economists that inflation is caused by changes in the _____ in the long run.
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What is the first thing to look for in Step 1 of calculating the annual rate of inflation relating to the cost of purchasing the overall basket of goods between the time periods? It is the _____.
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