Examlex
Local ordinances govern issues such as which of these?
Actual Output
The quantity of goods and services produced within an economy at a specific period, reflecting the economy's current production level.
Resource Unemployment
Refers to the state where economic resources are not being used to their full potential, contributing to less-than-optimal output or employment.
Potential Output
The highest level of economic output that can be achieved sustainably without causing inflation.
Long Run
A period in which all inputs can be adjusted by firms, and all market adjustments have been made.
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