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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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Look Out Below: Falling Prices

Until recently, very few economists worried about deflation, but since the early 2000s many have started re-examining the phenomenon. Deflation is defined as a sustained period of falling prices for most goods and services. It is a situation of too few dollars chasing too many goods and is therefore the opposite of inflation.
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Deflation is a period of falling prices across a broad range of products and services. It is the opposite of inflation, in that too few dollars are chasing too many goods. In such a situation producers have no choice but to reduce their prices.
For this reason, deflation might ...

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