Question
Inflation
the study of how people allocate scarce resources for production distribution and
consumption both individually and collectively.
sustained increase in the general price level of goods and services in an economy
over a period of time
• is the amount that money can buy us.
• the economic process or activity of using goods and services.
• the quantity of a commodity that producers wish to sell at various prices
Answer
Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.