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Title: Inflation Types ALEVEL AND DEGREE
Description: Brief notes on cost push and demand pull inflation.
Description: Brief notes on cost push and demand pull inflation.
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INFLATION;
Inflation measures annual percentage increase in prices
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e
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Rates of inflation are also published for commodity prices, food
prices, house prices, import prices etc
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Firms will respond to
this rise by raising prices
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The less slack there is in the economy, the more firms
respond to a rise in demand by raising their prices
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Recession= Demand Deficient Unemployment high, Demand Pull Inflation
low, Boom= Demand Pull Inflation high, Demand Deficient Unemployment low
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These shifts occur when costs of production rise independently of
aggregate demand
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How much firms raise prices depends on shape of AD Curve
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Cost
push output and employment falls
Title: Inflation Types ALEVEL AND DEGREE
Description: Brief notes on cost push and demand pull inflation.
Description: Brief notes on cost push and demand pull inflation.