What does the term 'inflation' refer to?

Choose the correct answer

Explanation

Option A refers to a higher budget deficit, which is not inflation. Option B indicates a rise in money supply, which can influence inflation but is not the definition itself. Option C correctly defines inflation as a general increase in prices across the economy. Option D is unrelated to the concept of inflation.

What does the term 'inflation' refer to? — Basic of Economics | PakQuizHub