Jared works at a software firm.He is promoted to the post of senior engineer after three years of employment.Despite his promotion,he has to cut down on purchases as his cost of living has almost doubled within the same time period.This situation is characteristic of _____.

Question

Quizplus · Accepted Answer

Inflation is the rise in the prices of goods and services within an economy over time, resulting in a decrease in the purchasing power of a currency. This situation often results in a cost of living increase, which can lead to individuals having to cut down on purchases and change their spending habits.

Jared Works at a Software Firm