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Word File with Reflective Questions Answered

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Word File with Reflective Questions Answered

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By conducting this research, I learned that inflation is a rise in price of goods and services, this rise results in a decrease in the purchasing power of the dollar. I learned what consumer price index (CPI) is and how the Federal Reserve uses it to predict inflation. I was most surprised by how much Zimbabwe’s inflation was (five billion percent in 2008) and that it was so bad it resulted in them abandoning their currency.

This topic would be relevant in real life as inflation affects the buying of various goods and services that I need. It also will affect my savings for retirement, as the value of the money I save will keep getting less. This shows that along with saving for retirement, investing properly will also be in my best interest.

The section of the research I found the most interesting was using the inflation calculator to compare the value of a certain amount of money in the past, to the value of that money in the future (today).

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The image shows inflation as a rodent (a rat) eating away pieces of money. This is done to illustrate how the value of the money gets reduced by inflation.

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The image shows the economy (depicted as a guy) blowing up an inflation balloon, it show the balloon of inflation increasing in size as the economy (the guy) decreases in size.  Showing the negative effects of inflation.

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The image shows the amount of groceries that $20 could have gotten you in the year 1972 compared to the amount it got you in 1992 and in 2012. The great difference in quantity can be easily seen.

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Video # 3 YouTube, Iken Edu Channel "https://www.youtube.com/watch?v=6rT5S-4bvKQ"

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Video # 3 YouTube, Iken Edu Channel "https://www.youtube.com/watch?v=6rT5S-4bvKQ"

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The video discusses different ways how to control inflation rates of a. There are two categories to controlling inflation, monetary measures and fiscal measures. Monetary control measures would be an increase in bank rates, sale of government securities in an open market (bonds) and an increase in the cash reserve ratio. Fiscal control measures would be reducing government expenditure, taxation, public borrowing (by way of bonds), debt management and over evaluation of goods and service.

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Video # 2 YouTube , Seeker Daily Channel "https://www.youtube.com/watch?v=iiEiRZhfOl8" 

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Video # 2 YouTube , Seeker Daily Channel "https://www.youtube.com/watch?v=iiEiRZhfOl8" 

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The video talks about Zimbabwe’s five billion per cent inflation in 2008 causing a crash in their economy. The video goes on to explain the various causing of inflation. The first being if there is a lost in the confidence of the currency, this could happen if there is a threat of war. The ratio of goods and services bought and sold could also be a reason why inflation rates go up or down.  The video also discusses how the Federal Reserve keeps watch over inflation and explains what the consumer price index (CPI) and the producer price index (PPI) is.

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Video # 1 Youtube , the school life channel "https://www.youtube.com/watch?v=UMAELCrJxt0''

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Video # 1 Youtube , the school life channel "https://www.youtube.com/watch?v=UMAELCrJxt0''

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The video talks about the effects of inflation and gives an example of how the Spanish empire collapsed due to inflation and how other countries started to keep a track on inflation to avoid this happening again. The video explains the various reasons for inflation, reasons such as, cost to push inflation where there is increase in production costs or an increase in the wages that need to be paid. Demand inflation, which is an increase in prices due to an increase in the demand of certain items resulting in them being less readily available to customers further causing an increase in the prices. Another way inflation happens is by governments printing more money, this results in the value of each note being reduced after a time.

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The website talks about how inflation reduces the customers buying power by increasing the price of goods and services. It can however benefit an individual, this when an individual owns assets and there is asset inflation, such as increase in prices of housing and stocks.  The website goes on to show that inflation doesn’t have to affect all things equally. An example of this was in the 2008 financial crisis, where oil prices went up significantly but there was a deflation in the houses prices, resulting in the house prices being half the original value.  The website explains what hyperinflation is, how inflation can affect retirement planning and how inflation can affect treasury bonds.

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The inflation calculator can be used to find out how much inflation has changed on items from a given year (example 2007) to the present date 2016. This is done by using the consumer price index (CPI) data. The website contains a link to a portable document format (PDF) file which talks about customer price index which is used to provide a general measure of the cost of living in a country (example Canada). The website also talks about how CPI is calculated and how it is updated from time to time by Statistics Canada to reflect broad changes in customer spending habits.

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The website explains what inflation is, that is, a rise in the price of goods and services which results in a fall in the purchasing power of that currency. The website also explains inflation in layman terms, finding an example of which a 2% percent inflation rate would affect an everyday item such as a pack of gum. By accessing this website, the viewer will also learn about the federal governments monetary policies goals and how they use the reserves to maintain a long term rate of inflation which interns maintains price stability.

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In this website you will learn what is inflation, factors that affect inflation, how inflation affects our personal lives and what are the inflation rates in various countries

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What is inflation? How does it affect our personal lives?