Final answer:
Inflation is a continuous rise in the general price level of an entire economy, measured by the consumer price index, and differs from one-time price changes.
Step-by-step explanation:
Inflation is the term used to describe a general and ongoing rise in the level of prices in an entire economy. Inflation indicates a sustained pressure for prices to increase across most markets in the economy, contrasting with one-time price changes that represent shifts from one equilibrium to another.
It is measured using tools such as the consumer price index (CPI), and a major goal for economies is to maintain low inflation rates, typically around 1–2%, to preserve the standard of living.