what is a decrease in the purchasing power of money that is caused by an increase in general price levels of goods and services without an accompanying increase in the value of the goods and services? inflation. consumer price index (cpi). higher education price index (hepi). producer price index (ppi).

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07-12-2022
Business

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what is a decrease in the purchasing power of money that is caused by an increase in general price levels of goods and services without an accompanying increase in the value of the goods and services? inflation. consumer price index (cpi). higher education price index (hepi). producer price index (ppi).

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sapanpandit sapanpandit · Answer 1 · 2022-12-10T06:40:32-05:00

Inflation is the decrease in the purchasing power of money that is caused by an increase in general price levels of goods and services

Price increases, or inflation, can be thought of as the gradual loss of purchasing power. The average price increase of a selection of products and services over time can serve as a proxy for the rate at which buying power declines.

The existence of money, an unforeseen social construct that emerged over a period of perhaps 2500 years as a result of numerous breakthroughs and improvements, is a prerequisite for inflation. It peaked with the introduction of currency in China around 630 BC, as well as in Lydia and Ionia at the same time. Inflation cannot be older than money, according to this.

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