Examlex
A nursing instructor is discussing the importance of a nurse's responsibility to serve as a patient's advocate. The instructor recognizes that additional explanation is warranted when a student nurse says:
Cost-Push Inflation
Cost-push inflation is caused by an increase in the prices of production inputs like labour and raw materials, leading to decreased supply and increased cost of finished goods.
Potential Output
This refers to the maximum output an economy can produce without leading to inflation, assuming all resources are fully utilized.
Actual Price Level
The Actual Price Level refers to the current general level of prices for goods and services in the economy at a specific point in time.
Actual Price Level
The current average of all prices of goods and services in an economy, indicating the cost of living and the economic environment.
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