Diagram for A level Economics essay
What diagram would you draw for this 25 marker? 'Evaluate whether low and stable inflation is beneficial to an economy'
Original post by Khalida1
What diagram would you draw for this 25 marker? 'Evaluate whether low and stable inflation is beneficial to an economy'
You could show:
1) Wage price spiral. AD rises, then SRAS rises, then AD rises, then SRAS rises.
2) Cost push inflation (SRAS shift) leading to falling real national output as households can afford less on same incomes*
3) Deflationary spiral (in evaluation)... falling AD
* and exports become relatively less price-competitive**
** and domestic producers switch to relatively more price competitive imports
1) Wage price spiral. AD rises, then SRAS rises, then AD rises, then SRAS rises.
2) Cost push inflation (SRAS shift) leading to falling real national output as households can afford less on same incomes*
3) Deflationary spiral (in evaluation)... falling AD
* and exports become relatively less price-competitive**
** and domestic producers switch to relatively more price competitive imports
(edited 7 years ago)
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