Learn more about moneyandinvestments with this collection
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Inflation and value of money
- Inflation leads to a decline in the value of money. “Inflation means that your money won’t buy as much today as you could yesterday.”
- If the prices of goods rise. the same amount of money will purchase a smaller quantity of goods.
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Inflation
- Inflation is a situation of rising prices in the economy.
- Inflation is a sustained increase in the general price level in an economy. Inflation means an increase in the cost of living as the price of goods and services rise.
- The rate of inflation measures the...
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Types of inflation
- Cost-push inflation – when a rise in prices is caused by a rise in the cost of production, such as higher oil prices
- Demand-pull inflation – when a rise in prices is caused by rising aggregate demand and firms pushing up prices due to the shortage of...
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Definition hyper-inflation
Hyperinflation is generally considered to occur when inflation is greater than 1000%.
With hyperinflation, money loses its value so rapidly that nobody wants to use it as a medium of exchange.
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Demand shock
Demand shocks occur when the demand for products drops as people stop earning money. A tactic to fix this is to stimulate the economy. In 2008, Australia gave households cash and encouraged them to spend to jumpstart the economy.
In 2020, the problem is also a lac...
Material things and the value of time
An irony of modern society is that many people work more to have more money to buy more stuff, but because they have so much stuff, they need more money, which means they have to work more, which means they have less time. To escape this vicious cycle:
Gold, psychology, and society
If the modern paper-money economy were to collapse, we would fall back to gold.
- People need to find ways of working together, which leads us to find ways of exchanging goods and services.
- Gold is the logical choice of this exchange as it is one of the only substances on eart...
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