Show the effect of an increase on output on a graph of the supply and demand for money. What does this say about the LM curve?
Definitions:
Economic Downturn
A period of negative growth in an economy, characterized by a decrease in the GDP, employment, and spending.
Inflation
The frequency at which the average pricing for goods and services uplifts, subsequently reducing the power of procurement.
Opportunity Cost
The value of the best alternative forgone, where a choice needs to be made between several mutually exclusive alternatives under conditions of scarcity.
Invisible Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest leads to beneficial social outcomes.
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