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What is the definition of inflation?
A
A sustained increase in the general price level leading to a fall in purchasing power.
B
A one-off increase in the price of one product leading to a fall in consumer demand.
C
A sustained decrease in the general price level leading to a rise in purchasing power.
D
A sustained increase in the level of production leading to a rise in national income.
Card 1 of 21
Inflation Flashcards
21 flashcards on OCR A Level Economics Inflation: the key terms, economic models and case studies you need to recall for Component 01, Component 02 and Component 03.