Briefly Define the Following Terms: Price Level,inflation,disinflation,deflation,hyperinflation

question 44

Essay

Briefly define the following terms: price level,inflation,disinflation,deflation,hyperinflation.The following table shows some data on the price level for three years.
Year
Price Level
1
100
2
101
3
98
Which term best describes the price change from year 1 to year 2? From year 2 to year 3? Why?

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Definitions:

General Principles

Broad and fundamental guidelines or rules that form the basis for a field of study or profession.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, notably in the United States.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Tax Treatment

The specific methodology applied to determine the amount of taxes owed by an individual or business.