Inflation -Level 2 eco
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9 Terms
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Deflation
A fall in the general price level
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Disinflation
A decrease in the level of inflation
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Inflation
A rise in the general price level
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Consumer Price Index (CPI)
A measure of inflation based on a weighted average change in prices of a selected basket of goods
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General Price Level
The overall level of prices of goods and services in an economy
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Basket of goods
A selection of goods and services designed to represent the average NZ household spending
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Purchasing Power
How many goods and services can be purchased with a given amount of income/money
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Real wage
The purchasing power of a wage
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Nominal wage
Your wage
Note 
Flashcards (61)