Question

​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 _____

Answer 1

Answer:

Inflation

Explanation:

Inflation -

It refers to the condition , when the average price of any goods or services increases over a time period , is referred to as inflation.

In this condition , there is continuous rise in the price , and the people can not  further afford it , and hence , the sale of the goods and services reduces in the economy.

Inflation indicates the reduction in the purchasing power of the nation's currency .

Hence, from the given scenario of the question,

The correct term is inflation.