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Question
Define the term ‘Inflation’
Definition
Solution
Inflation refers to a steady increase in the general price level. Estimating the general price level by constructing various price index numbers such as wholesale Price. Index, Consumer Price Index, etc, are needed.
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Scope of macroeconomics:
Concepts studied under Macro economics.
- Whole economy
- Economic development
- Aggregate supply
- Product pricing
Concepts studied under Micro economics.
- National income
- General price level
- Factor pricing
- Product pricing
