Econ1005(03-06-23W) -Assignment -1

Description:

Inflation is having a significant effect on all economies. As per CPI Canada the inflation rate in August 2022 is 7.1%. Imagine that you are an economist and that you must educate a reader on many of the effects of inflation on individuals, businesses, markets, and governments. In order to control inflation, The Bank of Canada increased interest rate many times.

1.Explain the economic impact of Inflation on topics such as employment, income, GDP, exports, etc.,

2.How the rate of Inflation is calculated?

3.Discuss the effectiveness of interest rate increase as a strategy to control inflation.

4.As an economist, suggest other measures to control inflation and to protect the economy.

Utilize as many economicconceptsandterms, as you think,are relevant to explain your ideas to your reader