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What is meant by bounded rationality and satisficing?
Price
The amount of money required to purchase a good, service, or asset.
Inflation
The speed at which prices for general goods and services go up, resulting in a decline in how much money can buy.
Economy's Overall Price Level
The average of current prices across the entire spectrum of goods and services available in the economy, indicating inflation or deflation trends.
Rising
Describes an increase or upward movement in metrics such as price, quantity, or value.
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