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Aldo cannot get the answer to a chemistry problem, even after sitting at his desk for an hour.He gets up and goes for a walk.Suddenly, the answer comes to him, even though he appears to have stopped thinking about it for a while.This phenomenon is called learning.
Real GDP
Real GDP, or Gross Domestic Product adjusted for inflation, measures the value of all final goods and services produced within a country in a given period, accounting for changes in price level.
Classical Economists
Economists of the late 18th and 19th centuries who believed in free markets, minimal government intervention, and the importance of competition.
Aggregate Demand
This term refers to the total amount of goods and services demanded in the economy at a given overall price level and in a given time period.
Laissez Faire
An economic policy or attitude of letting markets operate without government interference or regulation.
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