Examlex
The belief that ethical decisions should be based on acting in accordance with one's own self-interest is known as _____, whereas the belief that ethical decisions should be based on helping without personal benefit is known as _____.
Surplus
A situation where the quantity supplied of a good or service exceeds the quantity demanded at the current price.
Deflationary Gap
A situation where total spending (aggregate demand) in an economy is lower than the level required to sustain full employment output, leading to deflation and unemployment.
Equilibrium GDP
The level of Gross Domestic Product at which aggregate supply equals aggregate demand, leading to an economy operating at full capacity without inflationary pressures.
Full Employment GDP
The level of gross domestic product achieved when there is no cyclical unemployment in the economy, representing an ideal economic state where all willing and able workers find employment.
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