Because the costs of goods and services tend to rise over time, the value of money declines with time; this process is referred to as "____."

Question

Quizplus · Accepted Answer

The correct term for the given process is price inflation. The value of money decreases with time as the prices of goods and services increase. This is the opposite of deflation, where the prices of goods and services fall, leading to an increase in the value of money. Gross inflation and completion inflation are not commonly used terms in economics.

Because the Costs of Goods and Services Tend to Rise