Inflation & Prices
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Define inflation and discuss how economists track the general level of prices.
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The solution discusses the concepts such as inflation and prices.
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In economics, inflation is an increase in the general level of prices of a given kind. General inflation is a fall in the market value or purchasing power of money within an economy, as compared to currency devaluation which is the fall of the market value of a currency between economies. General inflation is referred to as a rise in the general level of prices. The former applies to the ...
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