Economics Module 42

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market basket

a bundle of goods that an average consumer might buy

deflation

a decrease in price level

produce price index (PPI)

a measure of the cost of a basket of goods and services bought by producers

consumer price index (CPI)

a measure of the overall price level faced by a typical consumer

base period

a period in the past used as a benchmark for comparisons

hyperinflation

a period of very rapid inflation

inflation

a rise in price level

inflation rate

the annual percentage increase in the price level

shoe leather costs

the cost of time and effort involved in frequent trips to the bank or ATM to avoid holding much cash during periods of high inflation

menu costs

the costs of updating prices due to inflation


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