Define in simple words: a. Inflation b. Depression
Dear student,
Inflation- Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time. The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
Depression- Depression is a common mental disorder affecting more than 264 million people worldwide. It is characterised by persistent sadness and a lack of interest or pleasure in previously rewarding or enjoyable activities.
Regards.
Inflation- Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time. The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
Depression- Depression is a common mental disorder affecting more than 264 million people worldwide. It is characterised by persistent sadness and a lack of interest or pleasure in previously rewarding or enjoyable activities.
Regards.