The term that refers to the reduction of the general level of prices in an economy is

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Deflation refers to a decrease in the general price level of goods and services in an economy over a period of time. It is usually caused by a decrease in demand for goods and services, an increase in the supply of goods and services, or a combination of both. Deflation is the opposite of inflation, which is the increase in the general level of prices over time.

The Term That Refers to the Reduction of the General