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Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, subsequently eroding purchasing power.
Friedman
Refers to Milton Friedman, a prominent economist known for his work on monetarism, advocating for free markets and a limited role of government in the economy.
Money Supply
The total volume of money available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.
Nominal Variable
Refers to a variable measured in monetary terms but not adjusted for inflation, reflecting current prices.
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