Asked by Felicia Thompson on Jul 05, 2024
Verified
Inflation is defined as a sustained increase in an economy's price level.
Inflation
The speed at which the overall price level for goods and services increases, leading to a decrease in purchasing power.
Economy's Price Level
The general level of prices for goods and services across an economy, indicating the purchasing power of the country's currency.
- Understand the processes behind inflation and the methods used for its measurement.
Verified Answer
WI
Wanaag Islamic ChannelJul 08, 2024
Final Answer :
True
Explanation :
Inflation is commonly defined as a sustained increase in the general price level of goods and services in an economy over a period of time. This increase in prices can be caused by a variety of factors, such as an increase in the supply of money, an increase in demand for goods and services, or a decrease in the supply of goods and services.
Learning Objectives
- Understand the processes behind inflation and the methods used for its measurement.