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One term, and every place the course uses it — the revision notes that teach it, the multiple choice questions that check it, and the detailed questions that examine it.

22 sub-topics use inflation · showing 1–20

  1. OCR · Economics · 3 Economic objectives and the role of government

    3.4Price stability

    Inflation A sustained rise in the general price level — prices across the economy rising over time. Price stability Prices rising only slowly and predictably. The UK target is 2% inflation, not zero. Deflation A fall

    in Inflation, and real versus nominal and 3 other sections

    Study notes4Multiple choice71Detailed questions30

  2. OCR · Economics · 3 Economic objectives and the role of government

    3.6Monetary policy

    demand rises faster than the economy can produce, the extra demand pushes prices up — demand-pull inflation. A rise in interest rates runs the same chain backwards, and that is precisely how inflation is controlled: borrowing

    in How it affects growth, employment and price stability and 2 other sections

    Study notes3Multiple choice33Detailed questions16

  3. OCR · Economics · 2 The role of markets and money

    2.8The role of money and financial markets

    Used in 44 questions on this sub-topic.

    Study notesMultiple choice42Detailed questions2

  4. OCR · Economics · 4 International trade and the global economy

    4.3Exchange rates

    data_table UK consumers Gain — imported goods and foreign holidays are cheaper, and lower import prices reduce inflation Lose — imports and holidays abroad cost more, adding to inflation UK exporters Lose — goods cost foreign buyers more

    in The effects of a change and 1 other section

    Study notes2Multiple choice26Detailed questions2

  5. OCR · Economics · 3 Economic objectives and the role of government

    3.1Economic growth

    training, natural resources and government policies. Growth raises incomes, employment and tax revenue, but can bring inflation, inequality and environmental damage. GDP measures output, not wellbeing. A falling growth rate is not a falling GDP. Before

    in Before you practise

    Study notes1Multiple choice42Detailed questions3

  6. OCR · Economics · 3 Economic objectives and the role of government

    3.5Fiscal policy

    Total demand falls Used when The economy is in recession, growth is weak, or unemployment is high Inflation is high, or the economy is growing unsustainably fast Effect on the budget Worsens it — a deficit grows

    in How fiscal policy works and 1 other section

    Study notes2Multiple choice15Detailed questions5

  7. OCR · Economics · 4 International trade and the global economy

    4.2Balance of payments

    weak exchange rate Towards surplus Exports become cheaper abroad and imports dearer at home High domestic inflation Towards deficit Domestic goods become uncompetitive against foreign ones Strong domestic growth Towards deficit Rising incomes mean consumers

    in Causes of surpluses and deficits and 1 other section

    Study notes2Multiple choice10Detailed questions2

  8. OCR · Economics · 3 Economic objectives and the role of government

    3.2Low unemployment

    Used in 15 questions on this sub-topic.

    Study notesMultiple choice15

  9. OCR · Economics · 3 Economic objectives and the role of government

    3.7Supply side policies

    without pushing prices up — supply side policy is the one route to growth that does not risk inflation • A stronger balance of payments, because more competitive firms export more The costs are equally distinctive: The time

    in Evaluating supply side policy and 1 other section

    Study notes2Multiple choice11Detailed questions4

  10. OCR · Economics · 4 International trade and the global economy

    4.1Importance of international trade

    Used in 8 questions on this sub-topic.

    Study notesMultiple choice8

  11. OCR · Economics · 2 The role of markets and money

    2.5Competition

    Used in 3 questions on this sub-topic.

    Study notesMultiple choice3

  12. OCR · Economics · 4 International trade and the global economy

    4.4Globalisation

    Used in 5 questions on this sub-topic.

    Study notesMultiple choice5

  13. OCR · Economics · 1 Introduction to Economics

    1.2The basic economic problem

    Used in 4 questions on this sub-topic.

    Study notesMultiple choice4

  14. OCR · Economics · 3 Economic objectives and the role of government

    3.3Fair distribution of income

    Used in 4 questions on this sub-topic.

    Study notesMultiple choice4

  15. OCR · Economics · 2 The role of markets and money

    2.6Production

    Used in 3 questions on this sub-topic.

    Study notesMultiple choice3

  16. OCR · Economics · 2 The role of markets and money

    2.3Supply

    Used in 1 question on this sub-topic.

    Study notesMultiple choice1

  17. OCR · Economics · 2 The role of markets and money

    2.7The labour market

    Used in 3 questions on this sub-topic.

    Study notesMultiple choice3

  18. OCR · Economics · 2 The role of markets and money

    2.1The role of markets

    Used in 2 questions on this sub-topic.

    Study notesMultiple choice2

  19. OCR · Economics · 2 The role of markets and money

    2.4Price

    Used in 2 questions on this sub-topic.

    Study notesMultiple choice2

  20. OCR · Economics · 3 Economic objectives and the role of government

    3.8Limitations of markets

    Used in 2 questions on this sub-topic.

    Study notesMultiple choice2