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In N.R.F. Maier's experiment, Bismarck, seemed to have had what Gestalt psychologists have termed an Aha! experience, perhaps suddenly perceiving the relationships between the elements of the problem so that the solution occurred by insight.
Aggregate Demand
This term refers to the total amount of goods and services demanded in the economy at a given overall price level and in a given time period.
Laissez Faire
An economic policy or attitude of letting markets operate without government interference or regulation.
Recessions
Periods of temporary economic decline during which trade and industrial activity are reduced, typically recognized by a fall in GDP in two successive quarters.
Depression
A severe and prolonged downturn in economic activity, characterized by significant declines in GDP, high unemployment, reduced consumer spending, and deflation.
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