economics
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Inflation Outlook: Will it Go Down in 2023?
Inflation is a term that’s been thrown around a lot lately, with the COVID-19 pandemic having a significant impact on global economies. Inflation is the rate at which the general level of prices for goods and services is rising and, in turn, purchasing power is falling. It is a familiar concept to most people and can have a significant impact…
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Understanding Price Elasticity: Definition, Formula, and Examples
Price elasticity is a concept that all businesses should understand. It refers to the degree to which changes in price affect the quantity of goods or services demanded by consumers. In other words, it’s a way to measure how sensitive customers are to price changes. Understanding price elasticity can give businesses insight into how to set prices and make strategic…
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