Examlex
What are adaptive optics designed to overcome? How is this done?
Long-Run Aggregate Supply
Represents the total output an economy can produce when both capital and labor are fully employed, assuming constant technology and resources.
Real GDP
The total value of goods and services produced in a country, adjusted for inflation or deflation, providing a more accurate measure of economic output.
Potential Output
The highest level of real GDP that an economy can achieve when it is operating at full capacity, without causing inflation.
Recessionary Gap
A situation where an economy's real GDP is lower than its potential GDP, leading to underutilized resources and higher unemployment.
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