Causes of inflation: ... inflation is when consumers spend more and have increased demand so firms increase their prices
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Card 7
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Causes of Inflation: ... inflation is when costs for firms increase so they have to increase their prices
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Card 8
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Impacts of inflation on ... : ... become more competitive, shoe leather costs (shopping around to find best prices) and menu costs (changing menus and price lists)
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Card 9
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Impacts of inflation on ... : People on fixed income will lose out as prices rise, Real incomes fall, Wages keep up with inflation or surpass it, Inflation redistributes wealth and income
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Card 10
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... inflation: Increases in prices which are predicted with accuracy
