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INFLATION AND DEFLATION

CONTENT

Inflation

  1. Meaning of Inflation
  2. Types of Inflation
  3. Causes of Inflation
  4. Effects of Inflation
  5. Control of Inflation

Deflation

  1. Meaning of Deflation
  2. Causes of Deflation
  3. Effects of Deflation
  4. Control of Deflation

Inflation in Nigeria

Measures Taken by the Government to Control Inflation in Nigeria

 

Inflation

Meaning of Inflation

Inflation can be defined as a high and persistent rise in the general price level. It is defined as a condition where there is rise in the average level of price.  It is a situation in which supply is not keeping pace with demand and a situation in which too much money is chasing too few goods.

While anything that tends to increase price is termed inflation and anything that tends to reduce price is termed deflation, it is not every price increase that is inflationary. A ‘’Once and for all Increase‘’ in the price level may not be tantamount to inflation.

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Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS2 Economics, SS2 Economics Evaluation Questions, SS2 Economics Evaluation Questions Third Term, SS2 Economics Objective Questions, SS2 Economics Objective Questions Third Term, SS2 Economics Third Term
Back to: ECONOMICS – SS2 > Third Term
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