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Average Price Level
An economic indicator that represents the overall level of prices in the economy by averaging the prices of all goods and services over a period.
Vertical Aggregate Supply Curve
A graphical representation where the aggregate supply does not change with the price level, indicating an economy at full employment.
Classical Economists
A group of 18th and 19th-century economists who believed in the theory that markets operate under the laws of supply and demand and that markets will self-regulate.
Unemployed Resources
Factors of production such as labor, capital, and natural resources that are not currently being used in the production process.
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