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:
Corporation
A legal entity owned by stockholders whose liability is limited to the value of their stock ownership.
Partnership
A firm with multiple owners who share the profits and bear unlimited liability for the firm’s losses and debts.
Industrial Revolution
Development of large-scale factory production that began in Great Britain around 1750 and spread to the rest of Europe, North America, and Australia.
Worker Productivity
A measure of the output of goods and services produced by a worker within a certain period of time.
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