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Inflation (1) describes a situation (2) where prices are persistently rising (3). It does not mean that all prices are moving to the same extent (4), or even in the same direction (5). Some prices may be rising very sharply, others may be rising very little, and a few may even be falling (6). Inflation is taking place when prices, on average (7), are rising. Inflation may also be described as a situation where the value of money (8) is falling. When prices are rising, the purchasing power of the pound (9) is falling; it will buy fewer and fewer goods and services.
Inflation has been a world-wide problem in the post-war period, but different countries have experienced (10) very different rates of inflation (11). Some countries, such as Switzerland and Japan, have had relatively low rates of inflation. On the other hand, Brazil experienced inflation at a rate of 200 per cent per annum (12) in 1984, and in 1985 Bolivia had an inflation rate of more than 20000 per cent per annum. Extremely high rates of inflation such as these are described as hyperinflation (13).
There is still much disagreement among economists on the causes of inflation (14). Some of them believe that prices are pulled upwards (15) by excess demand (16). Others maintain that prices are pushed upwards by rising costs (17). Many economists now believe that inflation takes place when the money supply (18) is allowed to rise at a faster rate than total output.
Governments have the power (19) to control prices (20), and this would seem an obvious way of controlling inflation (21). However, if prices are held down (22) below the equilibrium level (23), shortages (24) arise and these could lead to some form of rationing (25). Another problem is that if prices are help down while costs are still rising, many firms could find themselves making losses (26) and be forced to close down (27). Nevertheless, it is not very likely that workers will accept controls on wages (28) unless the government also places some kind of control (29) on prices.
1. ; 2. ; 3. ; 4. ; 5. ; 6. ; 7. ; 8. ; 9. ; 10. ; 11. ; 12. 200% ; 13. ; 14. ; 15. ; 16. ; 17. , ; 18. ; 19. ; 20. ; 21. ; 22. ; 23. ; 24. ; 25. ; 26. ; 27. ; 28. ; 29. .
Text 5
ELECTORNIC CORRESPONDENCE
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FAX
The word fax comes from the word facsimile. A fax machine will send a duplicate of the message, document, design or photo that is fed into it.
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Faxing is a means of telecommunication that has developed very quickly over the past few years. There are various models of fax machine which connect to a telephone socket and which work on a system similar to the telephone system.
Charges are measured in telephone units and therefore vary according to the time of day and where the fax is being sent.
The advantages of fax include instant reception of documents and documentary evidence of what has been transferred. A document can be relayed from one source to hundreds of other receivers, for example, if the head office of a chain store wants to circulate a memo or report to its branches.
TELEX
Telegrams and cables can be sent at any time and from any post office. This means of communication is available for twenty hours a day, but between sending a message and its arrival there can be short delay. Telex is as direct as using the phone.
The telex is a machine like a typewriter but the difference is that it has a dial on its casting. You can send messages by dialling the receiver's number or by asking the operator at the exchange to connect you. An answerback code will appear on the teleprinter indicating that the sender is through as soon as the operator has dialled the code. The message is typed and will1 appear on the receiver's machine.
Besides the advantages of sending a cable, telex is available right in the office, you needn't go to the post office. It offers a direct line with immediate reply.
ELECTRONIC MAIL (E-MAIL)
Electronic mail is a means of sending and receiving messages internally, nationally, or internationally.
Subscribers to e-mail need a terminal, such as personal computer, a telephone line, and a modem, which is a device for converting signals to text. Messages appear on the receiver's computer screen.
E-mail users can also have access to a mailbox, which they can call from anywhere in the world and retrieve messages. They receive a mailbox number and a password for confidentially. Messages can be printed out and kept for reference.
In comparison with telex:, e-mail is relatively low in cost, and does not require a trained operator. It is also fast, relatively reliable, and messages can be sent or picked up anywhere in the world, and stored in the mailbox until they are retrieved.
This can be particularly advantageous for users who are communicating across international time zones.
