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Summary Economics Edexcel - 2.1 Flashcards - Inflation $4.38   Add to cart
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  3. PEARSON (PEARSON)
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  5. Economics A
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  7. Unit 2 - The UK economy - performance and policies

Summary

Summary Economics Edexcel - 2.1 Flashcards - Inflation
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  • Course
  • Unit 2 - The UK economy - performance and policies
  • Institution
  • PEARSON (PEARSON)

Flashcards that were created and used by an A* student. Detailed explanations, diagrams and definitions, along with associated questions. These notes are in a FLASHCARD format designed for students who want to achieve TOP grades by testing themselves or getting others to test them. Enjoy :)

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Document information

  • December 31, 2023
  • 9
  • 2023/2024
  • Summary

Subjects

  • economics
  • edexcel
  • inflation

Written for

  • A/AS Level
  • PEARSON (PEARSON)
  • Economics A
  • Unit 2 - The UK economy - performance and policies
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Content preview

Inflation

What is meant by inflation ?
What is meant by deflation ?
What is meant by disinflation ?




QUESTION




Inflation: a sustained rise in the average price level over time.



Deflation: a sustained fall in the average price level over time.



Disinflation: a fall in the rate at which the general price is rising.




ANSWER

, CPI - consumer price
index
What is the CPI?
What is the CPI used for?
What is the CPI represented as ?
What is the base year?
How to calculate percentage change?


QUESTION


CPI: is the weighted average of items on which people spend their money.



The rate of inflation is measured by the UK by changes in the CPI.
• It is also used to make international comparisons of the rate of inflation.


The CPI is an index number. This means it is a number shown as a percentage relative to the
base year.
The base year is given the value 100.

The percentage change is the CPI between the two years is inflation rate.
Percentage change = (new - old)
Old




ANSWER

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