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One of your very first infants is diagnosed with failure to thrive. What is this?
Equilibrium GDP
The level of real GDP at which aggregate supply equals aggregate demand, resulting in a stable economy without tendencies to change.
Recession
A fleeting period of economic diminution, involving a dip in trade and industry work, usually defined by a decrease in GDP over two following quarters.
Foreign Purchases Effect
The impact on a country’s balance of trade when its currency appreciates or depreciates, influencing the price of imports and exports.
Price Level
The general level of prices for goods and services in an economy.
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