Examlex
Hypothetical thought involves reasoning only about propositions that reflect reality.
Aggregate Supply Curve
A graph that shows the relationship between the overall price level in an economy and the total output produced by firms.
Potential Real GDP
The highest level of gross domestic product (GDP) that could be achieved if an economy operates at full employment.
Aggregate Demand Curve
A graphical representation showing the relationship between the overall price level and the total demand for all goods and services in an economy.
Quantity of Output
The total amount of goods or services produced by a company, sector, or economy within a specific period.
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