Lesson 17 Glossary
- microeconomics: The branch of economics that studies the behavior of individuals and firms in the economy.
- macroeconomics :The study of the economy as a whole.
- inflation; A general rise in the price levels of an economy.
- consumer price index (CPI): A price index that measures changes in the level of prices of consumer goods and services.
- indexing: An adjustment made to some wages and pension payments to offset year-to-year price increases, using the CPI as a guide
- hyperinflation: A particularly serious period of price inflation when the inflation rate exceeds 50 percent per month.