Inflation
ICSE · Class 10 · Economics
Flashcards for Inflation — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Answer
Inflation is a situation in which prices of goods and services persistently rise at a fast pace over a long period of time. It means the value of money (purchasing power) decreases as prices rise. It …
List the four main features of inflation.
Answer
1. Prices rise in the state of inflation 2. Prices rise continuously over a long period of time 3. Prices rise at a faster rate 4. Rise in prices may not be equal for all goods and services…
What is Wholesale Price Index (WPI)?
Answer
WPI is an index number that represents the average change in wholesale prices of commodities. It indicates change in the general price level in the economy. In India, it is constructed weekly and is c…
What is Consumer Price Index (CPI) and what does it measure?
Answer
CPI measures the average change over time in prices paid by consumers for a specified basket of goods and services. It is also called Cost of Living Index, Retail Price Index, or Price of Living Index…
Write the formula for calculating the rate of inflation using CPI.
Answer
Rate of inflation = (CPI₂ - CPI₁)/CPI₁ × 100 Where: CPI₁ = Consumer Price Index of the previous year CPI₂ = Consumer Price Index of the current year…
What is a Food Basket and what is food inflation?
Answer
Food Basket (or farmer's basket) consists of specified food items of daily individual consumption. The average price is taken as a measure of food inflation. Food inflation is a constant rise in the p…
What is the relationship between value of money and price level?
Answer
There is an inverse relationship between value of money and price level. When prices rise, the purchasing power of money falls, so the value of money decreases. When prices fall, the purchasing power …
If wheat costs ₹10 per kg, how much wheat can ₹1 buy? If the price rises to ₹12.50 per kg, what happens to the value of money?
Answer
At ₹10 per kg: ₹1 can buy 100 grams of wheat (value of money = 100g) At ₹12.50 per kg: ₹1 can buy 80 grams of wheat (value of money = 80g) The value of money decreased from 100g to 80g because prices…
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