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Sagot :
The above-given situation is an example of shoe-leather costs.
What is inflation?
- In the field of economics, inflation refers to an overall rise in the cost of goods and services throughout a nation.
- Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
What are shoe-leather costs?
- The cost to individuals who must make numerous trips to the bank to withdraw more money for goods and services during periods of high inflation is referred to as a "shoe-leather cost."
- The phrase "shoe-leather cost" refers to how much your shoes will deteriorate if you walk to the bank more frequently.
Therefore, the above-given situation is an example of shoe-leather cost.
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