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443914
Inflation_1
Description
This mindmap outlines the concept of inflation. It's an ideal revision tool for those studying A-Level or equivalent economics
No tags specified
business and economics
higher secondary
inflation
business and economics
inflation
leaving certificate
Mind Map by
eleanor.adamandi
, updated more than 1 year ago
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Created by
jackexamtime
almost 11 years ago
Copied by
eleanor.adamandi
almost 11 years ago
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Resource summary
Inflation_1
The steady and persistent rise in the general level of prices, resulting in a reduction in the purchasing power of money
Measured using the Consumer Price Index
Limitations
Based on average pattern of spending
Weights used apply in base year only
Changes in quality of goods not measured
New products on market not included
Switch to new brands not measured
Uses of Consumer Price Index
Measure inflation
Wage negotiations
Widen tax bands
Indexation of Investments
Measure of International Competitiveness
Causes of Inflation
Demand- Pull Inflation
Cost-Push Inflation
Government Induced Inflation
Economic Effects of Inflation
Production/Consumption Encouraged
People on Fixed Incomes Lose Out
Speculation Encouraged
Loss of International Competitiveness
Benefits to Government
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