Redenomination and what it means

[john1025]

This is information. I learned this morning even after all this time, that some people still don't know what some words we've been disussing mean. So here is the first word.

Redenomination

[edit] Inflationary

Due to inflation, the same amount of monetary units have continually decreasing purchasing power. In other words, prices of the same products or services must be expressed in higher numbers. When prices reach a certain point, the high numbers can impede the well being of daily transactions because of the risk and inconvenience of carrying stacks of bills, strain on systems, e.g., automatic teller machines (ATMs), and because human psychology does not handle large numbers well. To address this problem, authorities can alleviate it through the process of redenomination. Redenomination is the process where a new unit replaces the old unit with a certain ratio. If inflation is the reason for redenomination, this ratio is some number larger than 1, usually a positive integral power of 10 like 100, 1000 or 1 million, and the procedure can be referred to as "cutting zeroes".[

[ghaggerty]

I thought there would be more..."first word", is there more to follow. Not bashing, just curious.

[john1025]

Yes, I will post more words that are unfamiliar to some. And try to give you the meaning in laymans terms. If you have any questions please feel free to ask.

[allIneedisonemillionusd]

what is the source of your definition?