Question

Concept of money, functions, impact, inflation and deflation

Answer 1

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Deflect: to prevent from happening; to turn aside or away from an intended course example: "He deflected the blow

inflect: to change the form of a word in accordance with the grammatical rules of the language to deviate from a straight or normal course

Answer 2

In economics inflation means, a rise in general level of prices of goods and services in a economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Thus, inflation results in loss of value of money. Another popular way of looking at inflation is "toomuch moneychasing too few goods". The last definition attributes the cause of inflation to monetary growth relative to the output / availability of goods and services in the economy.In case the price of say only one commodity rise sharply but prices of other commodities fall, it will not be termed as inflation.