Instructions: Explain/Define the Following Terms

question 43

Essay

Instructions: Explain/Define the following terms.
Toussaint L'Ouverture

---

Definitions:

Constitutional Amendment

A formal change or addition proposed and ratified according to the procedures specified in a constitution, altering the document's framework or principles.

Recessionary Gap

The difference between the actual output of an economy and its potential output if all resources were employed at their maximum efficiency during a recession.

Equilibrium GDP

The level of gross domestic product at which aggregate supply equals aggregate demand, indicating a balance in the economy without any external pressures to change.

Full Employment GDP

The maximum level of output (GDP) an economy can achieve when utilizing all its resources fully and efficiently, without triggering inflation.