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Moshman theorized that three higher-order thought processes are:
Recessionary Gap
The difference between the actual output of an economy and the output it could produce at full employment.
Time Lags
The delay between the initiation of a process or an action and its effect or result.
Real GDP
The total value of all goods and services produced over a specific time period, adjusted for inflation, reflecting the true growth of an economy.
Unemployed Workers
Individuals who are capable of working and willing to work but are unable to find suitable employment.
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