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For Jim's Case and Emily's case, identify the number and type of independent and dependent variables.
Aggregate Demand
The all-encompassing demand for every good and service within an economic framework, calculated at a set aggregate price level for a specific period.
Real Output
The total value of all goods and services produced by an economy, adjusted for inflation, reflecting the actual productivity.
Deep Recession
An exceptionally severe period of economic decline characterized by a significant decrease in economic activity across multiple sectors of the economy.
Real GDP
Gross Domestic Product adjusted for inflation, which reflects the value of all goods and services produced by an economy in a given year in real terms.
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