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CHAPTER 4 INFLATION & UNEMPLOYMENT

OBJECTIVE OF LEARNING ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

4.1.1. Definition Inflation can be defined as a situation where there is a continuous increase in general price level over time ,[object Object],[object Object],[object Object],[object Object],[object Object]

Degrees of inflation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Causes of Inflation ,[object Object],[object Object],[object Object],[object Object],[object Object],p1 p2 Price Output AD 1 AD 2 AS Q 1 Q 2 P 2 P 1

[object Object],[object Object],[object Object],[object Object],Causes of Inflation Price Output AS 1 AS 2 P 2 P 1 Q 2 Q 1

Causes of Inflation ,[object Object],[object Object],[object Object]

Measurement if Inflation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object], it is possible for inflation to be negative, but this rarely happens, this would occur when the general price level falls and it is called deflation

Costs of Inflation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Costs of Inflation

Ways to control inflation ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Ways to control inflation

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Ways to control inflation

DEFINITION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Measurement of Unemployment ,[object Object],[object Object],[object Object],[object Object],[object Object]

Types of unemployment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Types of unemployment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Costs of Unemployment ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Costs of Unemployment

Policies to reduce unemployment ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Policies to reduce unemployment

[object Object],[object Object],Policies to reduce unemployment

Trade-off between Inflation and Unemployment - The Phillips Curve ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Unemployment rate (%) Inflation rate (%) SRPC

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