Which term is defined as the pattern of continually purchasing goods at ever-increasing prices?

growth

affordability

laissez-faire

consumerism

consumerism

Explanation:

consumerism refers to the theory that spending money and consuming goods is good for the economy. Opponents of consumerism suggest simple living is a more sustainable lifestyle and better for the environment.

For an economy in surplus, consumerism is important because it creates demand. Consumers are constantly chasing trends and fashion for the satisfaction of buying an object of desire. This leads to higher consumption as people do not want to be seen with outdated goods.

Although consumerism drives economic growth and boosts innovation, it comes with a fair share of problems ranging from environmental and moral degradation to higher debt levels and mental health problems.