This is one of a set of Powerpoints (and accompanying Notes/Key Terms sheets) that I have created for my own teaching of the macroeconomic topics in the new (linear) AQA AS Economics specification (7135). They follow the order of teaching recommended by the exam board and (generally) the AQA-approved textbook (Powell & Powell, 2015).
Key terms covered in this Powerpoint: (references to the specification):
3.2.3.3 Inflation and deflation
• The concepts of inflation and deflation.
• Demand-pull and cost-push influences on the price level.
• How changes in world commodity prices affect domestic inflation.
• How changes in other economies can affect inflation in the UK.
• Students should understand that deflation exists when the price level is falling whereas disinflation is when the rate of inflation is falling.
• Students should appreciate that deflationary policies are policies to reduce aggregate demand and do not necessarily result in deflation.
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