- Inflation-
- Increase in level of prices
- Ideal inflation rate is 2-3%
- Deflation-
- Decrease in level of prices
- Disinflation-
- Rate of inflation decreases
- Hyperinflation-
- Rate of inflation increases
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5/10/17: Comparative & Absolute Advantage
Specialization Individuals & countries can be made better off if they will produce in what they have comparative advantage & the...
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Foreign Exchange- The buying & selling of currency. Any transaction that occurs in the Balance of Payments necessitates foreign exch... -
Tools of Monetary Policy Open market operation Reserve requirement The Reserve Requirement The FED sets the amount that banks mus... -
Short Run Phillips Curve- In the short-run, the Phillips curve represents a trade off between inflation & unemployment. Inverse re...
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