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:

Intercompany Sale

Transactions of goods, services, or assets between divisions, subsidiaries, or companies controlled by the same parent company.

Mark-Up

The percentage added to the cost price of goods to cover overhead and profit, determining the selling price.

Impairment Loss

A decrease in an asset's recoverable amount below its carrying amount, leading to a reduction in its value on the financial statements.

Effective Tax Rate

The percentage of their income that individuals or corporations pay in taxes, taking into account all deductions and credits.