Artificial Intelligence in the Legal Industry: Benefits and Limitations

Research proposal

QUESTION 1
A
Inflation can be defined as the rise in the overall prices of goods as well as services of the daily
products. This can include food, housing, clothing, transport etc. It measures the overall average
change in the price. Inflation is when the overall purchasing power of a unit of currency goes
down. There are various causes of inflation like a demand-pull inflation and cost-push inflation.
When there is inflation, buyers want the products so, they are willing to pay even high prices for
the products. On the other hand, in a cost-push inflation, the supply of the products gets
restricted, but the demand still remains the same. There can be advantages as well as
disadvantages of inflation. The disadvantages can include lower investment and an uncertainty.
Inflation is defined as the quantitative measure which is known as the rate at which average price
level of the goods and products within economy is increased over time. There is need of
developing good efficiency of the quantitative analysis so that unit of currency is expressed.
This is defined as the rate at which the general price of goods and products is increasing. This
leads to falling of the purchasing power. This is classified into three types – demand pull
inflation, cost push inflation and built in inflation. There are tangible resources which are
involved in the working of company.
(b) The rationale for UK government setting the inflation target at 2%?
The government has set us an inflation target of 2 per cent to keep inflation low and
stable. That tends to help to prepare for the future to everybody. If inflation is high or if it tries to
move across a lot, it is difficult for companies to determine the new prices to prepare their
expenditure. But if inflation is too lower, or pessimistic, some individuals may place off
expenditure because they expect falling prices. Despite the fact that lower prices sound like a
positive thing, if everyone cut their expenditure then firms could struggle and people can lose
their jobs.
(c) Impact that increased inflation rate has on economy?
The first inflationary impact is just yet another form of saying what it is. Inflation is a fall in
currency 's buying ability owing to a rising in inflation from across economy. Another impact is
that due to higher inflation this may lead to encourage to people to do more investing and
spending.
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