Reflection Blog (11 March 2014)

For this week, we learned about deflation, inflation, and stagnation. Deflation is when the prices of goods/services decreases across the board, which is not all ways good since business is making less money, they will have to lay off some workers and lower production. Also it could be worst than inflation, sometimes. Inflation is when the prices for goods/services increase across the board and this cause less buying power. Than the worst one is stagnation. It is when price basically remain the same, but income decreases or when prices decreases, but income decreases faster or when price for goods/services rises, while the money value goes down. We also learn about the three types of categories countries are labeled in. They are Developed Nations, Transitions Economics, and Less Developed Countries (Middle Income and Low Income). The class also watch a video about living with only one dollar per day, and we kind of review for the test on Thursday. We also review some possibilities of what cause the Great Depression. 

P.S. -- I am now the sheriff!