Economics and the Workplace

In: Business and Management

Submitted By tristaramsey
Words 296
Pages 2
Because I do not have a lot of job experience yet, this week’s paper in going to be focused more on the job I would like to have in the future.
I choose to major in Business and Accounting because I would like to get involved with the banking industry. I believe that this week’s material relates rather well with banking. Inflation is defined as “a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency” and was a topic in this week’s reading. It is a term most of us have heard quite often and can have a negative as well as a positive effect on people and the economy. Inflation can and does affect many types of business whether they are family owned and operated or a larger corporate company. Inflation also has an effect on the things we purchase from something small like an ice cream cone to bigger things like houses and automobiles. Inflation rates and interest rates are linked and are often referred to when talking about macroeconomics. Interest rates are set by the Federal Reserve also known as “The Fed” When interest rates are lower people are able to borrow more money. This results in people having more money to spend which causes the economy to grow and therefore making inflation rise. The opposite happens when interest rates increase. If interest rates rise people have harder time borrowing money so they tend to spend less making the economy slow down and in turn causing inflation to decrease.
It doesn’t matter what type of industry we work in or hope to work in some day, inflation will eventually impact it in some…...

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