CLASS JOURNAL Level 2 - Session 8 FINANCE EDUCATION FOR KIDS OF AGE 8 - 15 CREATED BY IIM CALCUTTA ALUMNI
What is Inflation? ● Inflation is like a sneaky money monster. It makes the things you want to buy get more expensive over time. ● Example: Imagine your favorite candy used to cost 1 dollar, but because of inflation, it now costs 2 dollars. So, you need more money to buy the same things. What is the Cost of Living? ● Cost of living is like a list of how much money you need for your basic needs, like food, a home, and clothes. ● Example : Think of it as a checklist of the money you need to live comfortably. If everything on the list gets more expensive, you might need more money to live well.
Purchasing Power Parity: ● PPP helps us figure out if money is worth the same in different places. ● Example: Imagine you have 10 dollars, and your friend in another city also has 10 dollars. But with PPP, we check if those 10 dollars can buy the same things in both places. If not, it helps us understand why things cost differently in different areas.
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