Live revision! Join us for our free exam revision livestreams Watch now

Quizzes & Activities

Inflation (Quizlet Revision Activity)

Level:
AS, A-Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 10 Apr 2022

Test your understanding of twelve concepts linked to the topic of inflation using this Quizlet matching resource

Inflation - some key terms to revise

  • Constant prices: Tells us that data has been inflation adjusted
  • Consumer price index: Measures (weighted) changes in the average cost of living for a representative household
  • Cost push inflation: Prices driven higher due to an increase in higher unit wages, import prices, indirect taxes and so on
  • Creeping inflation: Small rises in the general price level over a long period
  • Deflation: Persistent fall in the general price level
  • Demand pull inflation: Rising prices that result from a high level of aggregate demand (GDP) relative to potential output
  • Disinflation: Fall in the rate of inflation but not sufficient to bring about deflation
  • Purchasing power: The buying power of a unit of currency. It is inversely related to the rate of inflation.
  • Real wage: Nominal wage adjusted for the effects of inflation
  • Relative deflation: An economy with an inflation rate which is lower than comparable economies
  • Stagflation: Combination of slow growth and rising inflation
  • Wage price spiral: Where workers bid for higher pay because they have seen real income eroded by rising prices.

© 2002-2024 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.