An economist has predicted 2% inflation during the next 10 years. how much will an item that presently sells for 100 cost in 10 years?

With 2% inflation during the next 10 years, an item that presently sells for 100 will cost 102 in 10 years' time.

Explanation:

However, if the predicted inflation rate of 2% happens year on year, then the cost of the item will become 121.90 (100 (1+ 2%)∧10), compounded annually.  In itself, inflation is the decline of the purchasing power of a given currency over some period of time.   It is a quantitative measure of the rate at which the decrease in the purchasing power of the selected currency occurs, and how this is reflected in the price level of a basket of selected goods and services in that economy over some period of time.

there are so many examples for that in different areas, like biology experiment carried out in our lab recently.

here's one link :

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know