Understanding Power and Influence: The magnet for success
Before you embark on the professional expedition, understanding the use and abuse of power and influence is a requisite. Possessing...
What is Inflation?
Inflation refers to the increase in prices of any goods and services, whether essential such as food, clothing, housing rent, property (apartments, land) prices, transport (cabs, buses, trains), or non-essential such as cosmetics, jewellery, cars, etc.
Let’s consider a real-life scenario to understand inflation. Suppose the public transport (buses, trains) of a city stops for a month because the drivers are protesting demanding an increase in their salaries. What will happen? A lot of people ( let’s assume around 60% people of a city) are dependent on public transport and when they aren’t operational, they think of other options to go to their workplaces right? And it is cabs and autos, right?
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Deflation
The opposite of inflation is deflation. It happens when the price of a commodity falls, which occurs rarely.
Now you know that inflation has a direct impact on the economy of a country.
To learn about Economy, click here.
Citations :
Skillioma (October 26, 2021) What is Inflation?. Retrieved from https://www.skillioma.com/what-is-inflation/.
"What is Inflation?." Skillioma - October 26, 2021, https://www.skillioma.com/what-is-inflation/
"What is Inflation?." Skillioma - Accessed October 26, 2021. https://www.skillioma.com/what-is-inflation/
Skillioma May 23, 2020 What is Inflation?., viewed October 26, 2021,<https://www.skillioma.com/what-is-inflation/>
Skillioma - What is Inflation?. [Internet]. [Accessed October 26, 2021]. Available from: https://www.skillioma.com/what-is-inflation/
"What is Inflation?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-inflation/. [Accessed: October 26, 2021]
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- Inflation
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- Cascading effect
- Interest rate
- Price index
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- Soared
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