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2 cards from this section. Quick, good the night before a test.
What is inflation?
Think about money's value decreasing.
How does inflation affect purchasing power?
Consider how prices change over time.
What is inflation?
Focus on price rises over time.
True or False: Inflation increases purchasing power.
Reflect on what inflation does to money's value.
If a particular good's price increases from $100 to $120, what is the rate of inflation for that good?
Use the formula for rate of inflation.
Consider a scenario where inflation rates exceed wage growth for several years. Discuss the long-term implications this could have for consumer behavior.
Think about how people react to higher prices.
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