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What Is Meant by an Economy's Self-Correcting Mechanism? Explain the Process

question 71

Essay

What is meant by an economy's self-correcting mechanism? Explain the process through which self-correcting mechanism reduces inflationary gap.


Definitions:

Norms

Established standards of behavior that are based on shared beliefs and values within a group or society.

Group Attractions

The factors or qualities that draw individuals to join or feel a sense of belonging within a group.

Affiliation

A connection or association with a group or organization.

Prestige

The respect, admiration, or distinction accorded to someone or something based on perceived success or quality.

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