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Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the real value of goods and services produced.
Short-Run Economic Recession
A brief period of economic decline characterized by reduced industrial production, trade, and lowered levels of employment.
Long-Run Aggregate-Supply Curve
A vertical curve representing the real output of goods and services that an economy can produce when resources are fully employed, irrespective of the overall price level, over time.
Short-Run Equilibrium
A state in which market supply and demand balance each other, and as a result, prices become stable temporarily.
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