When the price level falls,the purchasing power of people's liquid assets rises,they feel richer,and they tend to spend more.This sequence describes the ________ _______.

Price Level

The average of current prices across all goods and services in an economy, indicating the overall cost of living or inflation rate.

Purchasing Power

How much goods or services one unit of currency can procure, defining the currency's value.

Liquid Assets

Assets that can be quickly and easily converted into cash without significant loss in value.