Prices should increase if an economy is performing over full employment. It is True.
The economy is a set of interconnected production and consumption activities that ultimately determine how resources are allocated within a community. The manufacturing activities plus consumption of the products in general satisfy the locals who reside nearby and do commerce there.
This same American economy is diverse and has components of both capitalism and socialism. Any such market economy supports that free market when it comes to the use of capital, but it also allows for government engagement for the greater good.
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