Market economy a market economy

Definition And Examples Of Inflation
Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time. The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
Inflation can be contrasted with deflation, which occurs when the purchasing power of money increases and prices decline.
As a currency loses value, prices rise and it buys fewer goods and services. This loss of purchasing power impacts the general cost of living for the common public which ultimately leads to a deceleration in economic growth. The consensus view among economists is that sustained inflation occurs when a nation's money supply growth outpaces economic growth.
To combat this, a country's appropriate monetary authority, like the central bank, then takes the necessary measures to manage the supply of money and credit to keep inflation within permissible limits and keep the economy running smoothly.
Theoretically, monetarism is a popular theory that explains the relation between inflation and the money supply of an economy. For example, following the Spanish conquest of the Aztec and Inca empires, massive amounts of gold and especially silver flowed into the Spanish and other European economies. Since the money supply had rapidly increased, the value of money fell, contributing to rapidly rising prices.

Property: Private proporty
Private property is a legal designation for the ownership of property by non-governmental legal entities.^[1] Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by a group of non-governmental entities.^[2] The distinction between private and personal property varies depending on political philosophy, with socialist perspectives making a hard distinction between the two. As a legal concept, private property is defined and enforced by a country's political system
Ideas about and discussion of private property date back to the Persian Empire, and emerge in the Western tradition at least as far back as Plato.^[4] Prior to the 18th century, English speakers generally used the word "property" in reference to land ownership. In England, "property" came to have a legal definition in the 17th century.^[5] Private property defined as property owned by commercial entities was invented^{[by whom?]} with the emergence of the great European trading companies of the 17th century.^[6]
The issue of the enclosure of agricultural land in England, especially as debated in the 17th and 18th centuries, accompanied efforts in philosophy and political thought—by Thomas Hobbes (1588–1679), James Harrington (1611–1677) and John Locke (1632–1704), for example—to address the phenomenon of property ownership.^[7]
In arguing against supporters of absolute monarchy, John Locke conceptualized property as a "natural right" that God had not bestowed exclusively on the monarchy; the labour theory of property. This stated that property is a natural result of labor improving upon nature; and thus by virtue of labor expenditure, the laborer becomes entitled to its produce.^[8]