Inflation

Hyperinflation: This is an extremely high and typically accelerating inflation. It quickly erodes the real value of local currency as prices increase rapidly.

Deflation: This is a decrease in the general price level of goods and services. It's like reverse inflation - instead of too many people for not enough chairs, there are too many chairs for not enough people.

Stagflation: This term refers to persistent high inflation combined with high unemployment and stagnant demand in a country's economy. It’s like having a lot of players (money), few chairs (goods), but no one wants to play (demand).