Econ 102 Ch4
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5 Terms
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Inflation
Generalized rise in the overall level of prices
rise in the cost of living
a decline in purchasing power in money
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Consumer Price Index (CPI)
average prices ppl pay over time for g&s in their everyday lives
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Step to measuring insurance
find what ppl typically buy
collect prices from the store where ppl do their shopping
tally up the price of the basket of goods and services
calculate the inflation rate
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Limitations of CPI
Quality improvements
New Products
Substitutions
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Note 
Flashcards (35)