Use the graph shown to discuss,in qualitative terms,the changes in the U.S.inflation rate from 1960 to 2012.Then estimate the inflation rate in 2012.
Definitions:
Output
The quantity of goods or services produced by a firm, industry, or economy within a given period.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded, usually depicting a downward slope, indicating the inverse relationship between price and demand.
Supply Curve
A graphical representation used in economics to show the relationship between the price of a good or service and the quantity of it that producers are willing to supply.
Government's Revenue
The money received by a government from taxes and non-tax sources to enable it to undertake government expenditures.
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