Concept Introduction:
Classical Model of Price Level:
It suggests that it is the supply in the economy that creates its own demand. The model suggests that the economy is always at a full level of employment. Hence, the
Inflation:
The situation in the economy when the supply of money exceeds its demand and there is a hike in the price of all the goods and services, this situation is called as inflation.
Hyperinflation:
When the inflation rate is very high and is usually for a longer duration then it is termed as hyper-inflation.
National
Some rate of unemployment always exists in the economy irrespective of the labor
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MACROECONOMICS W/ ACHEIVE ACCESS LL
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