your grandma tells you a dollar doesn’t go as far as it used to. She says the “purchasing power” of a folla is much less than it used to be. Explain what she means. Try to use and explain terms like inflation and deflation in your answer.

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Explanation:

Grandma is referring to the effects of inflation in the economy.  Inflation is the general increase in prices in the economy over a period. As the economy grows, prices of consumer goods and services tend to increase.  A fast economic growth rate is likely to cause a sharp increase in the inflation rate, which increases the prices of goods and services.

An increase in price means that one dollar will buy fewer quantities of a product or service than before. In other words, one will require more money today than they did previously to purchase the same amount of goods and services. Therefore, inflation, or an increase in prices, diminishes the dollar's purchasing power or that of any other currency.  

Deflation is the opposite of inflation. It means a decline in prices in an economy over time. Deflation results in an increase in the purchasing power of a currency.

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