"A situation when the purchasing power of the people is greater than the value of goods and services available in the market." Is this a correct definition of inflation??
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Explanation:
A simple way to define inflation is “an increase in the price you pay for goods” but that only tells part of the story…
It could also be seen as a “decline in the purchasing power of your money”.
But there is more to inflation than that. There are two sides to inflation “Price Inflation” and “Monetary Inflation“.
Economics-
a general increase in prices and fall in the purchasing value of money.
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