GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When the economy is doing well.
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A sustained increase in the general price level of goods and services in an economy over a period of time.
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When Coles and Woolworths increase the price of some goods.
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When you get a high power bill.
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Detailed explanation-1: -Inflation is the general rise in the prices of goods and services in an economy, over a period of time. It reduces the purchasing power of consumers, because each unit of currency can purchase fewer products with an increase in the general price levels.
Detailed explanation-2: -Inflation refers to a broad rise in the prices of goods and services across the economy over time, eroding purchasing power for both consumers and businesses. In other words, your dollar (or whatever currency you use for purchases) will not go as far today as it did yesterday.
Detailed explanation-3: -Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. But it can also be more narrowly calculated-for example, for certain goods, such as food, or for services, such as school tuition.