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Recessionary Gap
The amount by which actual output in the short run falls short of the economy’s potential output.
Expected Price Level
The anticipated average price of goods and services in an economy at a given future time, influencing consumer and business behavior.
Actual Price Level
Refers to the current general level of prices for goods and services in the economy, often measured by indices such as the Consumer Price Index (CPI).
State of Technology
Refers to the current level of technological development and innovation in a society or industry.
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