A continuous rise in the price level is called [#1660]

Inflation refers to a sustained increase in the general price level of goods and services in an economy over time. This means that, on average, things cost more today than they did in the past. Stagflation is an economic situation where there is high inflation, slow economic growth, and high unemployment. Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy. Hyperinflation is a rapid and extreme increase in the price of goods and services, which causes the value of a local currency to quickly erode.

---

Inflation refers to a sustained increase in the general price level of goods and services in an economy over time. This means that, on average, things cost more today than they did in the past. Stagflation is an economic situation where there is high inflation, slow economic growth, and high unemployment. Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy. Hyperinflation is a rapid and extreme increase in the price of goods and services, which causes the value of a local currency to quickly erode.

Lionel Robbins is the author of An Essay on the Nature and Significance of Economic Science. The book was first published in 1932.

---

Lionel Robbins is the author of An Essay on the Nature and Significance of Economic Science. The book was first published in 1932.

Adam Smith Adam Smith (5 June 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.

---

Adam Smith Adam Smith (5 June 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.

Alfred Marshall (1842-1924) is the author of Principles of Economics, which was first published in 1890. Marshall was a British economist and a founder of the "neoclassical" school of economics. The book is considered to be Marshall's most influential work.

---

Alfred Marshall (1842-1924) is the author of Principles of Economics, which was first published in 1890. Marshall was a British economist and a founder of the "neoclassical" school of economics. The book is considered to be Marshall's most influential work.

Assam is world-famous for its tea production, and tea is the state's most significant export commodity. Assam tea, known for its strong and malty flavor, is exported globally, contributing substantially to the state's economy. While other commodities like oil, jute, timber, and silk are also produced and exported from Assam, tea remains the dominant export.

---

Assam is world-famous for its tea production, and tea is the state's most significant export commodity. Assam tea, known for its strong and malty flavor, is exported globally, contributing substantially to the state's economy. While other commodities like oil, jute, timber, and silk are also produced and exported from Assam, tea remains the dominant export.

Amartya Sen is the only Indian economist to win the Nobel Memorial Prize in Economic Sciences, which he received in 1998. Sen is known for his work on welfare economics, social choice theory, and development economics. He is also known for his interest in the problems of society's poorest members and his work on the causes of famine.

---

Amartya Sen is the only Indian economist to win the Nobel Memorial Prize in Economic Sciences, which he received in 1998. Sen is known for his work on welfare economics, social choice theory, and development economics. He is also known for his interest in the problems of society's poorest members and his work on the causes of famine.

Recombination marks the point when the universe had cooled enough for electrons and protons to combine into neutral atoms, allowing photons to travel freely through space without being scattered by charged particles. This event, also known as the "era of recombination," occurred about 380,000 years after the Big Bang.

---

Recombination marks the point when the universe had cooled enough for electrons and protons to combine into neutral atoms, allowing photons to travel freely through space without being scattered by charged particles. This event, also known as the "era of recombination," occurred about 380,000 years after the Big Bang.

Economics is the social science that studies the production, distribution, and consumption of goods and services, including wealth. Economics is divided into two classes, microeconomics and macroeconomics, and it directly affects everyday life. Economics is primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited resources. Economic models emerged from the broader field of political economy in the late 19th century.

---

Economics is the social science that studies the production, distribution, and consumption of goods and services, including wealth. Economics is divided into two classes, microeconomics and macroeconomics, and it directly affects everyday life. Economics is primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited resources. Economic models emerged from the broader field of political economy in the late 19th century.

The LPG (Liberalization, Privatization, and Globalization) reforms were announced on July 24, 1991. The reforms were also known as the New Economic Policy.

---

The LPG (Liberalization, Privatization, and Globalization) reforms were announced on July 24, 1991. The reforms were also known as the New Economic Policy.

Adam Smith

---

Adam Smith

Mixed Economy. Both private and govt sector exists.

---

Mixed Economy. Both private and govt sector exists.