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inflation
an increase in the price level
real wage
the wage rate divided by the price level
real income
income divided by the price level
deflation
when the inflation rate turns negative
interest rate
the return a lender receives for allowing borrowers the use of their savings for one year, calculated as a percentage of the amount borrowed
nominal interest rate
the interest rate expressed in dollar terms
real interest rate
nominal interest rate minus rate of inflation
disinflation
brining the inflation rate down
