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Inflation/Deflation

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Inflation/Deflation

Concepts

Inflation: an increase in the overall price level in an economy.

Contractionary fiscal policy: a decrease in government spending and/or an increase in taxes designed to decrease total demand in the economy and control inflation.

Expansionary fiscal policy: an increase in government spending and/or decrease in taxes designed to increase total demand in the economy, thus increasing real output and decreasing unemployment.

Objectives:

Determine the effect of increasing the amount of money in circulation on prices.
Determine what happens to the value of money when prices of goods and services increase

Slides/Resources

Student Activity

1.02_too_much_money_discussion_questions

Too Much Money Worksheet

Titanic Inflation Activity Sheet

Titanic Inflation Worksheet

Modern examples

Venezuela: Inflation to reach one million percent predicts IMF

Venezuela’s inflation rate may hit 1,000,000 percent. Yes, 1 million.

North Korea's Economic Crisis -- What Crisis?

Kim Jong Un Says He's Building North Korea's Economy; It's Hard To Assess Progress

Gross Domestic Product, Economic Lowdown Podcasts | Education | St. Louis Fed

Venezuela releases new currency with six fewer zeroesUltimately, the only thing the move will really accomplish is simplifying everyone’s math.

Venezuela unveils new currency with 6 fewer zerosA new currency with six fewer zeros debuted Friday in Venezuela, whose currency has been made nearly worthless by years of the world’s worst inflation.

Venezuela changes currency as inflation skyrockets, price of dollar rises on black marketVenezuela removed zeros from the end of its currency for a third time as the country struggles against hyperinflation making its currency nearly worthless.

Venezuela: 1 litre of milk could cost a third of your wage | #TheCube#TheCube | "Hyperinflation is too great for families to feed themselves." Amid a political crisis and growing economic collapse, what is hyperinflation like for Venezuelans? The Cube reached out to social media users who told their stories through receipts.

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