Final answer:
An Asset bubble is the correct term for the overvaluing of property, land, or any other product. It is characterized by rapidly increasing asset prices beyond their intrinsic value, largely due to speculation. It is distinct from hyperinflation, which refers to a general increase in prices on a much broader scale.
Step-by-step explanation:
The term used for the overvaluing of property, land, or any other product is an Asset bubble. An asset bubble occurs when the prices of assets such as housing, stocks, or commodities rise at a rapid pace that is not supported by the underlying fundamentals, and eventually, the prices exceed the actual utility or value of the asset. This can be driven by speculation, where investors buy assets with the expectation that they can sell them at a higher price, often without regard to the intrinsic value of the assets.
The problem of hyperinflation, however, refers to an extreme rise in general prices, often occurring when there's a shift from a controlled economy to a market-oriented economy. It is important to remember that while inflation and hyperinflation involve a general increase in prices, an asset bubble is specifically related to the rampant increase in the value of a particular class of assets.