Final answer:
Deflation, disinflation, and inflation are key concepts in economics related to changes in price levels.
Explanation:
Deflation is a decrease in the general price level of goods and services. It occurs when the inflation rate falls below 0%. When this happens, the nominal prices of goods are falling on average and the purchasing power of money is increasing.
Disinflation is a decline in the rate of inflation, indicating a slowdown in the rise of price levels. It does not mean prices are falling, but rather that the rate of increase is decreasing over time.
Inflation is characterized by a persistent rise in the general price level of goods and services. It signifies that most prices are likely rising in the economy.
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