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As the Most Powerful Nation-States of Their Time,these Two Nation-States

question 22

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As the most powerful nation-states of their time,these two nation-states were responsible for playing a key role in maintaining the balance of power after the Congress of Vienna in 1815.


Definitions:

Full Employment GDP

The total market value of all final goods and services produced at a time when all available resources are fully employed.

Automatic Stabilizers

Economic policies and programs designed to offset fluctuations in a nation's economic activity without intervention by the government or policymakers.

Business Cycle

The fluctuating levels of economic activity over time, including periods of expansion, peak, recession, trough, and recovery.

Recessionary Gap

A situation in an economy where the actual output is less than the potential output, indicating underutilized resources and unemployment.

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