Raul Prebisch,Hans Singer,and other economists argued that,over the long run,prices for primary commodity exports on the world markets tend to fall relative to prices of manufactured goods.This concept is known as:

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The concept described in the question is commonly known as the Prebisch-Singer hypothesis, which argues that primary commodity prices tend to decline relative to manufactured goods prices, leading to a deterioration of the terms of trade for developing countries that rely heavily on primary commodity exports. This idea is based on the observation that the demand for primary commodities is relatively inelastic, while supply is more elastic, leading to downward pressure on prices over time. The term "export pessimism" is often used to refer to this view that countries relying heavily on primary commodity exports face structural challenges that may hinder their economic development prospects.

Raul Prebisch,Hans Singer,and Other Economists Argued That,over the Long Run,prices