1-7 Inflation Bubbles & Tulips

6. Price of fidget spinners rises a lot, because most people are making emotional decisions; this is a ___ .
7. Could be bidding up prices, or increased production costs, but inflation always means ___ ___ than goods.
8. Since supply/demand cannot explain the rise in home prices in 2008, the rise in home prices was a ____ .
11. A ___ in ___ is the same as a cut in wages, and vice versa, because your purchasing power decreased.
13. Gardens became a fad among wealthy merchants, driving up prices & creating a ___ ___ in the 1600s.
14. ____ means prices go up over time. You get a 2% raise, but prices rise 5%. That means you didn't get a raise.
15. When there isn’t enough oil to make gas, and gas prices rise quickly, this is called ___ ___ Inflation.
16. ___ ___ is a list of common items that most people buy. We use those prices to measure inflation.
17. If you ask your employer for a raise, make sure your increase in pay is ___ for inflation.
19. People believed they could sell their home at a higher price to someone else, but ran out of ___ ; The bubble burst.
20. Divide the basket cost of each year by the basket cost in the base year: this is the consumer ___ ___ .

1. When the average price of goods and services drops over time, we called that ____ .
2. Consumer Price Index is used to calculate the ___ of ___ , or how quickly the price level is rising.
3. ___ ___ occur when everyone wants a certain product, but there’s not much of that product available.
4. Venezuela tried to keep the economy growing by ___ ___ money, but that resulted in soaring prices.
5. If the price for frosted flakes in 1972 is not adjusted for inflation, that price is ___ .
9. Being rich isn't about how much money you have. It's about ___ power. You can’t be rich without products to buy.
10. Venezuela has inflation. They have huge amounts of oil. But ___ ___ don't equal economic bliss.
12. When several rich people enter a bidding war over an item, driving up prices, this is ___ ___ inflation.
18. Another cause of inflation is the decrease of availability of a resource, like an oil ____ .