Examlex
Define common law.
Recessionary Gap
A situation where real GDP is less than potential GDP, indicating underutilized economic resources.
Social Security Surplus
The excess funds collected through Social Security taxes over the amounts paid out as benefits.
Billion
A numerical value equivalent to 1,000 million, often used to denote a very large quantity or amount in financial and statistical contexts.
Opportunity Costs
The loss of potential gain from other alternatives when one alternative is chosen, representing the benefits one misses out on when making a decision.
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