The graph shown displays various price and output levels in an economy. 
If the economy is currently at point E1, it must be in:
Definitions:
Economic Difficulties
Pertains to financial challenges and hardships that affect individuals, families, businesses, or economies.
Piaget's Approach
A theory of cognitive development proposed by Jean Piaget, emphasizing the stages through which children progress as they develop and acquire knowledge.
Cognitive Development
The process through which individuals acquire and evolve in their thinking skills, problem-solving, and understanding the world around them from infancy through adulthood.
Formal Operational
The stage in Piaget's theory of cognitive development where individuals gain the ability to think abstractly, reason logically, and use deductive reasoning, typically starting around age 12.
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