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Over time we observe prices of goods and services we buy increase. Often this price increases are quite visible but sometimes grocery stores use ingenious ways to conceal the rising prices. I am sure you have noticed that grocers instead of raising prices, they often reduce the quantity; you tend to notice packages are getting smaller. Put differently the unit price of the product is rising. That is why the Federal government mandated to show the unit price in addition to the products price, so that the consumer can compare products fairly before purchasing. This rising price levels is called inflation.
What is inflation? It is the rate of change of general price level? A natural question to ask is "What is the general price level"? How do we measure the general price level?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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