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Explain the phenomenon of groupthink and the conditions that make it most likely to occur. Name at least two historical events that took place as a result of groupthink.
Aggregate Income
The total income earned by all individuals or entities in an economy, including wages, profits, rents, and investment earnings, over a specific time period.
Aggregate Consumption
The total amount of goods and services consumed in an economy over a specific period.
Consumption Function
A relationship in economic terms between the gross national income and the aggregate consumption level.
Aggregate Income
The total income earned by all factors of production in an economy, including wages, rents, interest, and profits, over a specific period.
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