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.
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