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san4es73 [151]
3 years ago
6

What is the economic term used for sustained increase in the price of goods and services

Business
1 answer:
Shkiper50 [21]3 years ago
3 0

Answer:

Inflation

Explanation:

Inflation refers to a situation of a general increase in the prices of goods and services in the economy. As prices of goods and services rise, the cost of living goes up. Inflation results in the purchasing power of currency to diminish.    

Economist uses the consumer prices index to determine the rate of inflation. Inflation means a basket of goods and services will cost more today than it did in the prior period. Rapid economic growth that results in too much money in circulation causes inflation.

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nikdorinn [45]

Answer: will increase but this will not affect living standards

Explanation:

GDP is sometimes called an incomplete measure because there are certain measures that it does not include such as the black market.

If firms in the black market shift to the formal sector, they will now be included in GDP which means that GDP will increase.

The living standards of people in the country will probably not change however because the firms involved were simply shifting sectors and are not said to be more or less prosperous as a result. Assuming they remained the same, nothing changes for living standards.

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sashaice [31]
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She also requires to obtain a consent or license from the local government regarding the business she is willing to start. There are many advantages Juanita would have when starting her own set up which may include being her own boss, retention on the company's entire profit and no special taxes to be paid.  

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Explain the utility of statistics as a manegerial tool​
Veseljchak [2.6K]

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Explanation:

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