SSC CGL Exam > SSC CGL Notes > General Awareness for SSC CGL > Cheat Sheet: Price and Inflation
Cheat Sheet: Price and Inflation | General Awareness for SSC CGL PDF Download
| Table of contents |
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| Price |
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| Types of Price |
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| Factors Affecting Price |
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| Inflation |
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| Types of Inflation |
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| Measures to Control Inflation |
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| Key Terms to Remember |
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Price
Definition:
- Price is the monetary value of a good or service, determined by demand and supply.
- Key concept: Equilibrium price – where demand = supply.
Types of Price
Factors Affecting Price
- Demand-side Factors: High demand → price rises
- Supply-side Factors: Low supply → price rises
- Cost of Production: Higher production cost → higher price
- Government Intervention: Subsidies, taxes, price controls
- Market Structure: Monopoly → higher prices, Perfect competition → lower prices
Inflation
Definition:
- Sustained rise in general price level of goods and services.
- Leads to reduced purchasing power.
Types of Inflation
Causes of Inflation
- Monetary: Excess money supply
- Fiscal: Budget deficit, govt. borrowing
- Demand-side: Rising consumption
- Supply-side: Scarcity of goods, rising production costs
- Imported Inflation: Higher import prices
Measures to Control Inflation
- Monetary: Increase interest rate, CRR, reduce money supply
- Fiscal: Reduce govt. spending, increase taxes
- Price Control: Ceiling on essentials
- Supply-side: Increase production, import goods
Key Terms to Remember
- WPI (Wholesale Price Index) – Wholesale level price changes
- CPI (Consumer Price Index) – Consumer level price changes
- Core Inflation – Excludes volatile items like food/fuel
- Stagflation – Inflation + low growth + high unemployment
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FAQs on Cheat Sheet: Price and Inflation - General Awareness for SSC CGL
| 1. What are the different types of prices in economics? |  |
Ans. In economics, the types of prices include market price, which is determined by supply and demand; fixed price, which is set by authorities regardless of market fluctuations; and dynamic pricing, which changes based on real-time market conditions. Other types include cost-plus pricing, which adds a markup to the cost of production, and psychological pricing, which aims to influence consumer perception by using pricing strategies like charm pricing (e.g., pricing something at $9.99 instead of $10).
| 2. What are the main factors affecting price? | |
Ans. The main factors affecting price include supply and demand dynamics, production costs, competition levels, government regulations and taxes, consumer preferences, and market trends. Seasonal variations and external economic factors like inflation or recession can also significantly influence pricing.
| 3. What is inflation and what are its types? | |
Ans. Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. Types of inflation include demand-pull inflation, which occurs when demand exceeds supply; cost-push inflation, which results from increased production costs; and built-in inflation, which arises from adaptive expectations where businesses and workers expect rising prices and adjust wages accordingly.
| 4. What measures can be taken to control inflation? | |
Ans. Measures to control inflation include monetary policy adjustments, such as raising interest rates to reduce money supply; fiscal policy changes, like reducing government spending or increasing taxes; and implementing price controls to limit how much prices can increase. Additionally, improving productivity and increasing supply can help mitigate inflationary pressures.
| 5. What are some key terms related to price and inflation that one should remember? | |
Ans. Key terms include cost of living, purchasing power, hyperinflation, stagflation, deflation, and price elasticity. Understanding these terms helps in analyzing economic conditions and the implications of price changes and inflation on the economy.
About this Document
Sep 28, 2025
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