your grandmother tells you a dollar doesn't go as far as it use to. she says the "purchasing power" of a dollar is much less than it used to be. explain what she means. try to use and explain terms like inflation and deflation in your answer

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Answer 1

Back then. A dollar was worth WAYYYYY more than it is now. back then you could buy a lollipop for a like a penny. However as time went on we went through deflation and prices went down

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Summary of accounting chapter 1

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Answer:

Chapter 1 introduces the study of accounting. Accounting is defined as a set of concepts and techniques that are used to measure and report financial information about an economic entity. Accounting consists of both external reporting issues known as “financial accounting,” and internal reporting issues related to “managerial accounting.”

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