Examlex
List and define four key concepts for understanding physical environment-behavior relationships.
Downward Rigidity
A situation in economics where wages or prices are resistant to decrease even in conditions where they logically should, such as during a recession.
Classical Model
An economic theory emphasizing that markets function best without government interference, focusing on long-term growth by ensuring goods and labor markets are in equilibrium.
Aggregate Supply
The sum of all products and services that enterprises in an economy expect to sell during a defined time span.
Price Level
The mean of current prices for all goods and services generated within the economy.
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