Simple English definitions for legal terms
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Term: INFLATION
Definition: Inflation is when things cost more money than they used to. This means that the money you have is worth less than it used to be. There are two main types of inflation: cost-push inflation, which happens when it costs more to make things, and demand-pull inflation, which happens when there are more people who want to buy things than there are things to buy.
Definition: Inflation is a situation where the general prices of goods and services increase, while the value of money decreases. This means that you will need more money to buy the same things you used to buy before. There are two types of inflation:
Inflation can have a negative impact on the economy and people's lives. It can reduce the purchasing power of money, increase the cost of living, and make it harder for people to save money.
Examples:
These examples illustrate how inflation can affect the prices of goods and services that people need and use every day. When the prices of these things increase, people may have to spend more money to maintain their standard of living.