Examlex
What factors allowed Europe to begin moving ahead of the rest of the world in scientific knowledge by the end of the seventeenth century?
Expansionary Gap
A situation where the actual output of an economy exceeds its potential output, often leading to inflationary pressures.
Recessionary Gap
The situation where an economy's real GDP is less than its potential GDP, leading to underutilization of resources and unemployment.
Short-Run Output
The production level of goods and services in the short term, often under fixed conditions or capacities.
Expected Price Level
The anticipated average price of goods and services in an economy at a future time, influencing consumer and business decisions.
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