The meaning of economic growth
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The tasks to meet these objectives are in the packet you received last class. https://thecuriouseconomist.com/cost-push-inflation-is-driving-up-prices-throughout-the-indian-economy/ https://thecuriouseconomist.com/deflation-in-canada-why-economists-will-tell-you-that-falling-prices-is-not-something-to-be-happy-about/
Yes.... that is a 100,000,000,000,000 Zimbabwe dollar note! The product of extreme hyperinflation in Zimbabwe in the first decade of the 21st century. You can read about it here. By November 2008 the rate of inflation was a massive 89,700,000,000,000,000,000,000%!!!
Hungary has actually suffered a higher rate of inflation than that.... in July 1946 the rate of inflation was Jul. 1946, 41.9 quadrillion percent! See here for more details. Current inflation details for Hungary can be found here. This is a great infographic detailing these two cases and three others: https://commodity.com/blog/hyperinflation/ The US Inflation calculator can be found here... how much would it cost you in 2014 to buy something that was priced at $20 in the year you were born and what is the cumulative inflation rate? Venezuela is currently experiencing high levels of inflation http://www.bbc.com/capital/gallery/20180918-the-people-making-bags-out-of-worthless-money You will receive a packet to achieve the objectives above. Those learning from home https://docs.google.com/document/d/1zRDFvslBldv6u2-lGQAtSZuVLfWMASgNEGi6DXnoRlY/edit?usp=sharing Instead of moving on with inflation today, I will let you have a choice:
For revision.... let the syllabus objectives be your revision guide... and here are a couple of example questions: a. Explain the difficulties involved in measuring the level of unemployment. [10] b. Examine the reasons why the maintenance of a low level of unemployment is considered to be an important macroeconomic objective. [15] a. Explain the following different types of unemployment: • Frictional unemployment • Structural unemployment • Demand-deficient [10] b. Evaluate the effectiveness of the different measures available to government to deal with the types of unemployment in (a). [15] |
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |