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Holdsworth Foods is a growing business that sells chilled and frozen food to restaurants around the UK - Edexcel - GCSE Business - Question 3 - 2016 - Paper 1
Question 3
Holdsworth Foods is a growing business that sells chilled and frozen food to restaurants around the UK. The food is distributed from nine UK depots using its own lar... show full transcript
Worked Solution & Example Answer:Holdsworth Foods is a growing business that sells chilled and frozen food to restaurants around the UK - Edexcel - GCSE Business - Question 3 - 2016 - Paper 1
Step 1
What is meant by the term inflation?
Answer
Inflation refers to an increase in the general price level of goods and services in an economy over time. It reflects the erosion of purchasing power and means that consumers must spend more to buy the same amount of goods and services than they would in a previous period.