Question

What is the economic term used for sustained increase in the price of goods and services? inflation depression recession deflation

Answer 1

The answer is: inflation

Inflation tend to occurs when the demand for the goods and services in the market surpass the number of supply for the goods/services. This situation make the goods/services become scarce. This lead to sustained increase in price of the goods and services.

The price would keep increasing until the producers make enough goods or services to keep up with the demand or the government create monetary policies to control the money supply.

Answer 2

Well depression and deflation and recession are when prices go down. So it is not them. Inflation is when the price raises because of supply and demand. So the correct answer is Inflation.