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Let be a positive number. A differential equation of the form
where is a positive constant is called a doomsday equation because the exponent in the expression is larger than the exponent 1 for natural growth. An especially prolific breed of rabbits has the growth term . If 3 such rabbits breed initially and the warren has 28 rabbits after 5 months, then when is doomsday?
Real GDP
Gross Domestic Product adjusted for inflation, which reflects the value of all goods and services produced by an economy in a given year in real terms.
Keynesian View
A perspective in economics based on the ideas of John Maynard Keynes, suggesting that aggregate demand is the primary driving force in an economy, and advocating for active government intervention to manage economic cycles.
Macroeconomic Equilibrium
A state where aggregate supply equals aggregate demand, leading to a stable economy.
Say's Law
A principle stating that "supply creates its own demand," implying that production of goods and services will in turn generate enough demand for those goods and services.
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