26
Lesson 26 of 84 · Economics
Inflation: When Prices Rise
Inflation is a general increase in prices over time. High inflation means each dollar buys less. Central banks try to keep inflation moderate for economic stability.
Key Facts
1
Needs are different from wants.
2
Supply and demand affect prices.
3
Trade connects people globally.
Check Your Understanding
Question 1
1 of 2What is the difference between needs and wants?