1. Proverb #4: Just because you don’t pay for something doesn’t mean it’s not costly

10. You can think of relative prices as a simplified cost/benefit analysis UofU costs/benefits: $2,355/BUofU UofC costs/benefits: $2,925/BUofC But, BUofU = BUofC Relative C/B = [$2,925/BUofC] / [$2,355/BUofU] = 1.24 ==> although you’re getting the same benefits, attending the University of Colorado costs you 24% more than attending the University of Utah.

11. Most common relative price comparison? Inflation - the general rate at which the price of a particular good/service or a group of goods/services increases over a specified period of time. Bottom Line -- the purchasing power of the dollar changes over time, usually declining

13. Relationship between Inflation Rate and the Purchasing Power of Money

15. Historical Inflation Rates in the United States, 1914-2006