Examlex
When the short run GDP and the long run GDP coincide, then there exists an output gap in the economy.
Standard of Living
The measure of affluence, ease, material belongings, and essential items provided to a specific socioeconomic category or region.
Economic Prosperity
A state of economic health and stability in a country or region, characterized by strong growth, high employment rates, and rising living standards for its citizens.
Real GDP
The calculation of a nation's economic productivity after accounting for variations in prices, either through inflation or deflation, illustrating the true amount of goods and services generated.
Malthus
Refers to Thomas Robert Malthus, an English economist and demographer best known for his theory that population growth will outpace agricultural production, leading to widespread famine and hardship.
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