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Prices and the cost of living

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Prices, inflation, purchasing power, and household budgets.

Issue discussion in preparation.

Principles

  • Financial well-being depends on purchasing power, not the number of dollars alone.
  • Compare income and savings with the prices of the goods and services a household needs.

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Check your understanding

What happens to purchasing power if prices rise while savings stay unchanged?
The same savings buy fewer goods and services.
Purchasing power is unchanged because the dollar balance is unchanged.
The same savings automatically buy more.

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