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While Maslow's research categorized a person's needs in terms of higher-order and lower-order needs, Herzberg's research recognized that
Long-Run Equilibrium
A state in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.
Economic Expansions
Phases in the business cycle where the economy grows, characterized by increased output, employment, and consumer spending.
U.S. Price Level
An index that measures the average prices of goods and services across various sectors in the United States over a specific period.
Real GDP
A metric that adjusts for inflation to show the value of all goods and services produced in an economy during a specific year, using prices from a chosen base year.
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