Inflation and Unemployment. By: Lauren, Raunak, Paul, Hussein, and Thomas. Inflation. Inflation - A general increase in the price of goods and services in an entire economy over time.
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By: Lauren, Raunak, Paul, Hussein, and Thomas
CPI may not apply to consumer’s individual
cost of living because individual consumption
patterns not always match with those of the
typical urban households.
Changes in Spending Patterns.
A product’s tremendous improvement in quality may change an
individual’s standard of living but it will not be reflected in the CPI.
(E.g. – Medicines or stereos).