What term describes a rise in the prices of goods/products over time?

The correct term that describes a rise in the prices of goods and products over time is inflation. Inflation occurs when there is a general increase in prices, which often results from an increase in the supply of money, demand for products, production costs, or other factors that affect the economy. When inflation rises, each unit of currency buys fewer goods and services, effectively decreasing the purchasing power of money. Understanding inflation is crucial because it impacts consumer behavior, savings, and overall economic health.

In contrast, deflation refers to falling prices, depreciation relates to the loss of value of an asset over time, and recession denotes a significant decline in economic activity across the economy that lasts for an extended period. Therefore, inflation is the accurate term for price increases in the economy.