Inflation which is caused mainly increases in the prices of factors of production is described as?

Assessment: JAMB UTME - Economics - 1999 Subject: Economics

Question 1 Report

Inflation which is caused mainly increases in the prices of factors of production is described as?
Answer Details
Inflation caused by an increase in the prices of factors of production such as labor and raw materials is known as cost-push inflation. As the cost of producing goods and services increases, businesses raise their prices to maintain their profit margins, leading to an overall increase in the price level of goods and services in the economy.
Read lesson note on Theory Of Costs (JAMB)
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