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Explain the meaning of the term 'inflation'.
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UNIVERSITY OF SALFORD Name: SZE WAH, LEUNG Student Number: @00081259 Course: International Foundation Year Subject: International Foundation Year Macroeconomics Question: 2 Question 2a) Explain the meaning of the term 'inflation'. Along with the development of society more and more problems are brought to our attention, one of which is that 'inflation'. Nevertheless, with the advance of the human civilization, the living standard increases gradually so the price index and Retail Price Index (RPI) rise gradually as well. Deep down, 'inflation' means a persistent increase in all money prices over a period of time which is generally considered to bring costs to society is the form of material, political and psychological costs. Also, the increase must be sustained at some rate before there is inflation and when the price level increases steadily over time. 'Inflation' that is to say, it is decrease in the purchasing power and all money prices to the same extent. In economic, inflation is measured as...
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